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Natural Gas, WTI Oil, Brent Oil Forecasts – WTI Oil Climbs Above $73.00 Amid Israel – Iran Conflict
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Key Points:
- Natural gas attempts to settle above the resistance at $3.60 - $3.65.
- WTI oil rallied as traders focused on the Middle East.
- Brent oil tested the $78.00 level.
Natural Gas
Natural gas attempts to settle above the resistance at $3.60 – $3.65 as traders focus on the Middle East conflict, which may have an impact on global LNG market.
A move above the $3.65 level will open the way to the test of the resistance at $3.85 – $3.90.
WTI Oil
WTI oil skyrocketed as traders reacted to Israel’s strikes against Iran. Traders focus on the potential disruption of oil flows and potential damage to Iran’s oil production facilities.
Technical factors will likely take a back seat as traders will mostly focus on the news from the Middle East.
Brent Oil
Brent oil made an attempt to settle above the $78.50 level but pulled back below $75.00 as traders took some profits off the table after the strong rally.
Not surprisingly, RSI is in the overbought territory. However, Brent oil may gain additional upside momentum in case Israel targets Iran’s oil production.
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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