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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back From Session Highs As Traders Focus On Middle East
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Key Points:
- Natural gas pulled back towards the $2.85 level.
- WTI oil moved away from session highs as traders cut their risks ahead of the weekend.
- Brent oil did not manage to settle above $79.00 and pulled back towards the $78.00 level.
In this article:
Natural Gas
Natural gas pulls back as traders take profits near multi-month highs. Demand remains weak, which is bearish for natural gas prices.
If natural gas settles below the support at $2.85 – $2.90, it will head towards the next support level, which is located in the $2.60 – $2.65 range.
WTI Oil
WTI oil moved away from session highs as traders took some profits off the table ahead of the weekend. The situation in the Middle East will remain the key driver for oil markets in the near term.
In case WTI oil settles back below the $74.00 level, it will head towards the nearest support, which is located in the $72.00 – $72.50 range.
Brent Oil
Brent oil has also pulled back from session highs. Traders are trying to guess whether Israel’s response on Iran’s attack will include strikes on oil facilities.
A move below the nearest support level at $77.00 – $77.50 will provide Brent oil with a chance to gain additional downside momentum.
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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