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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rebounds From Session Lows As Traders Focus On Middle East Tensions
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Key Points:
- Natural gas is losing ground as traders react to the EIA report.
- WTI oil moved back towards the $68.00 level.
- Brent oil managed to settle back above the $69.00 level.
Natural Gas
Natural gas made an attempt to settle above the resistance at $3.60 – $3.65 but lost momentum and pulled back below the $3.50 level. Traders reacted to the EIA report, which showed that working gas in storage increased by +109 Bcf from the previous week.
If natural gas stays below the $3.50 level, it will head towards the nearest support level at $3.35 – $3.40.
WTI Oil
WTI oil rebounded from session lows as traders remained focused on Middle East tensions.
RSI remains in the moderate territory, so there is plenty of room to gain additional momentum in the near term.
Brent Oil
Brent oil has also managed to rebound from session lows as traders evaluated the chances for a direct conflict between Israel and Iran.
In case Brent oil settles above the $70.00 level, it will head towards the resistance at $71.00 – $71.50.
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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