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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rebounds As Libya’s Exports Remain Halted
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Key Points:
- Natural gas gained ground in holiday-thinned trading.
- WTI oil moved higher, supported by the situation in Libya.
- Brent oil made an attempt to settle above the $77.50 level.
In this article:
Natural Gas
Natural gas gained ground in quiet trading as the rebound continued. It remains to be seen whether this rebound will be sustainable as oversupply remains a key problem for natural gas markets.
In case natural gas climbs above the resistance at $2.25 – $2.30, it will head towards the next resistance level at $2.55 – $2.60.
WTI Oil
WTI oil moved higher as traders focused on the situation in Libya. The country resumed production for domestic needs, but its exports remained halted.
If WTI oil settles above the $74.00 level, it will move towards the nearest resistance at $75.50 – $76.00.
Brent Oil
Brent oil has also managed to gain some ground, supported by the developments in Libya.
In case Brent oil climbs above the $77.50 level, it will head towards the psychologically important $80.00 level.
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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