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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rallies As U.S. Imposes Sanctions On Russian Oil Industry
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Key Points:
- Natural gas rallied as traders remained focused on cold weather.
- WTI oil moved above the $76.00 level as traders reacted to strong sanctions on Russian oil industry.
- Brent oil made an attempt to settle above the $80.00 level.
Natural Gas
Natural gas rallied as cold weather boosted demand and traders bet that natural gas inventories would continue to fall.
A successful test of the resistance at $3.95 – $4.00 will push natural gas towards the next resistance level at $4.25 – $4.30.
WTI Oil
WTI oil rallied as U.S. imposed sanctions on the Russian oil industry. Oil traders bet that new sanctions would disrupt supplies and provide additional support to prices.
If WTI oil climbs above the resistance at $77.00 – $77.50, it will move towards the next resistance level at $80.00 – $80.50.
Brent Oil
Brent oil gained ground as traders reacted to sanctions and focused on cold weather, which would boost demand for energy.
In case Brent oil settles above the psychologically important $80.00 level, it will move towards the strong resistance level at $81.00 – $81.50.
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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