Advertisement
Advertisement
Natural Gas, WTI Oil, Brent Oil Forecasts – WTI Oil Rallies 3% As Traders Bet On Supply Disruptions
By:
Key Points:
- Natural gas retreats after testing new highs.
- WTI oil gained strong upside momentum, supported by new U.S. sanctions on Russian oil.
- Brent oil settled above the psychologically important $80.00 level.
Natural Gas
Natural gas pulled back as traders rushed to take profits near yearly highs. Cold weather boosts demand, but some traders believe that it’s time to take money off the table.
If natural gas stays below the $3.95 level, it will move towards the support level at $3.55 – $3.60.
WTI Oil
WTI oil tests new highs as traders focused on potential supply disruptions from new U.S. sanctions on Russian oil.
From the technical point of view, WTI oil climbed above the resistance at $77.00 – $77.50 and is moving towards the next resistance at $80.00 – $80.50.
Brent Oil
Brent oil tests resistance at $81.00 – $81.50 amid broad rally in the oil markets.
In case this test is successful, Brent oil will head towards the next resistance level at $84.00 – $84.50. RSI is in the overbought territory, so the risks of a pullback are increasing.
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.
Latest news and analysis
Advertisement