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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests New Highs As Wildfires In Canada Cut Production
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Key Points:
- Natural gas tested the $3.75 level.
- WTI oil moved higher as wildfires in Alberta cut production.
- Brent oil made an attempt to settle above the $66.00 level.
Natural Gas
Natural gas made an attempt to settle above the $3.75 level but lost momentum and pulled back towards $3.70 as traders decided to take some profits off the table after the strong rebound from recent lows.
If natural gas stays above the support at $3.60 – $3.75, it will head towards the nearest resistance level at $3.85 – $3.90.
WTI Oil
WTI oil continues to move higher as wildfires in Canada’s Alberta cut oil sands production.
If WTI oil climbs above the $64.00 level, it will move towards the resistance level at $66.00 – $66.50.
Brent Oil
Brent oil gains ground as traders focus on rising geopolitical tensions and react to the recent OPEC+ decision.
From the technical point of view, Brent oil needs to settle above the nearest resistance level at $67.00 – $67.50 to gain additional upside momentum in the near term.
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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