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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Moves Lower On Profit-Taking
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Key Points:
- Natural gas is moving higher as traders bet that cold weather would boost demand.
- WTI oil is losing ground as traders take profits after the rally.
- Brent oil pulled back towards the psychologically important $80.00 level.
- Natural Gas
Natural gas is moving higher as traders prepare for the Arctic blast on January 19 – January 24, which is expected to boost demand.
If natural gas manages to settle above the resistance at $3.95 – $4.00, it will move towards the next resistance level at $4.25 – $4.30.
WTI Oil
WTI oil pulls back as traders take some profits off the table after the strong rally, which was triggered by new sanctions on the Russian oil industry.
From the technical point of view, WTI oil needs to stay above the support at $77.00 – $77.50 to have a chance to gain additional upside momentum in the near term.
Brent Oil
Brent oil did not manage to settle above the resistance level at $81.00 – $81.50 and pulled back.
If Brent oil climbs above the $81.50 level, it will head towards the next resistance level, which is located in the $84.00 – $84.50 range.
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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