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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Gains Ground As Traders Stay Focused On Supply Risks
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Key Points:
- Natural gas prices rallied as traders bet on rising demand.
- WTI oil gained some ground as Kazakhstan's exports will be reduced in the next two months due to the recent drone attack on the export route.
- Brent oil moved towards the $76.00 level.
Natural Gas
Natural gas rallied as traders focused on strong demand due to cold weather. Currently, natural gas is trying to settle above the resistance at $4.00 – $4.05.
In case this attempt is successful, natural gas will head towards the next resistance level at $4.25 – $4.30.
WTI Oil
WTI oil moved higher as traders remained focused on the recent attack on Kazakhstan’s export route.
If WTI oil settles above the $72.00 level, it will head towards the nearest resistance level, which is located in the $73.00 – $73.50 range.
Brent Oil
Brent oil gained ground as the rebound continued. Currently, Brent oil is trying to settle above the 50 MA at $76.01.
A successful test of this level will open the way to the test of the resistance at $77.00 – $77.50.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Vladimir Zernovauthor
In more than 15 years of trading in the financial markets, Vladimir dealt with a wide range of brokers and financial instruments. His career as a day-trader at a proprietary trading firm goes back to 2007. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. Using his experience, he helps traders find the best broker in his reviews.
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