Advertisement
Advertisement
Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Gains Ground On Production Disruptions In The GoM
By:
Key Points:
- Natural gas is moving higher as almost 30% of natural gas production in the GoM remains offline after hurricane.
- WTI oil climbed above $70.00, supported by production disruptions.
- Brent oil tested resistance at $72.50 - $73.00.
In this article:
Natural Gas
Natural gas gains ground as traders stay focused on supply disruptions. Weather forecasts are somewhat bearish, but natural gas managed to stay above the $2.30 level.
A move above the $2.40 level will push natural gas towards the resistance at $2.55 – $2.60.
WTI Oil
WTI oil is moving higher, supported by supply disruptions in the U.S. Gulf of Mexico after Hurricane Francine.
In case WTI oil manages to settle above the $70.00 level, it will move towards the resistance at $72.00 – $72.50.
Brent Oil
Brent oil continues its attempts to settle above the resistance at $72.50 – $73.00. According to recent reports, about 20% of GoM crude oil production remains offline, which is bullish for oil prices.
A move above the $73.00 level will open the way to the test of the next 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.
Latest news and analysis
Advertisement