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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rallies As Traders Focus On Israel – Hezbollah Conflict
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Key Points:
- Natural gas gained ground after EIA report.
- WTI oil climbed towards the $72.00 level as traders weighed the chances of a direct war between Israel and Hezbollah.
- Brent oil made an attempt to settle above the $75.00 level.
In this article:
Natural Gas
Natural gas gained ground as traders reacted to the EIA report, which indicated that working gas in storage increased by 58 Bcf from the previous week.
If natural gas manages to settle above the $2.40 level, it will head towards the resistance, which is located in the $2.55 – $2.60 range.
WTI Oil
WTI oil tests resistance at $72.00 – $72.50 as traders focus on the situation in the Middle East and weigh the risks of a direct war between Israel and the Iran-backed Hezbollah.
A move above the $72.50 level will push WTI oil towards the next resistance level at $77.00 – $77.50.
Brent Oil
Brent oil tests new highs amid rising geopolitical tensions. From a big picture point of view, Brent oil continues to rebound from September lows.
If Brent oil climbs above $75.00, it will move towards the nearest 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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