Natural Gas, WTI Oil, Brent Oil Forecasts - Oil Gains Ground As Bullish Trend Remains Intact - FX Empire

Natural Gas, WTI Oil, Brent Oil Forecasts - Oil Gains Ground As Bullish Trend Remains Intact

Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Gains Ground As Bullish Trend Remains Intact

Published: Feb 12, 2024, 18:13 UTC•1min read

Oil markets moved away from session lows as traders focused on U.S. dollar’s pullback.

Mentioned in Article
Natural Gas

$1.889
0.00%

WTI Oil

$76.753

+0.43%

Brent Oil

$82.009
+0.03%

Key Insights

- Natural gas is trying to settle below the $1.80 level as weather forecasts stay bearish.
- WTI oil attempts to settle above the $77.00 level amid rising tensions in the Middle East.
- Brent oil settled near the $82.00 level.

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Natural Gas

Natural gas tested new lows as traders reacted to warmer trends in weather forecasts.

The technical picture remains bearish. A move below the $1.80 level will open the way to the test of the support at $1.60 – $1.65.

WTI Oil

Brent oil is mostly flat as traders wait for additional catalysts. U.S. dollar has recently started to move lower against a broad basket of currencies, which may provide some support to oil markets.

RSI is in the moderate territory, so Brent oil has enough room to gain additional upside momentum and get to the test of the $83.50 – $84.50 level.

For a look at all of today’s economic events, check out our economic calendar.

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