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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rebounds From Session Lows As Trump Says It’s Late To Talk With Iran
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Key Points:
- Natural gas tested new highs as traders focused on the EIA report.
- WTI oil moved back towards the $75.00 level as traders focused on Trump's comments.
- Brent oil rebounded above $76.00.
Natural Gas
Natural gas continues to move higher as traders react to the EIA report, which indicated that working gas in storage increased by +95 Bcf from the previous week, compared to analyst forecast of +96 Bcf.
A move above the $4.00 level will push natural gas towards the next resistance level at $4.15 – $4.20.
WTI Oil
WTI oil rebounded from session lows as President Donald Trump declined to comment whether he planned to join Israel’s military operation against Iran.
If WTI oil settles back above the $75.00 level, it will head towards the resistance at $77.00 – $77.50.
Brent Oil
Brent oil has also moved away from session lows as traders monitored the situation in the Middle East.
RSI is in the overbought territory, but there is enough room to gain additional momentum in case the right catalysts emerge.
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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