Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rebounds As Traders Focus On Houthis' Attacks - Nasdaq
Natural Gas, WTI Oil, Brent Oil Forecasts - Oil Rebounds As Traders Focus On Houthis’ Attacks | Nasdaq
Natural gas gains ground as bulls bet that production reductions would provide support to prices.
From the technical point of view, it looks that natural gas found material support in the $1.60 – $1.65 range.
WTI Oil
WTI oil rebounded from recent lows as traders focused on Houthis’ attacks on ships in the Middle East.
In case WTI oil climbs above the $78.00 level, it will move towards the nearest resistance at $79.00 – $80.00.
Brent Oil
Brent oil gained ground amid a broad rebound in the oil markets. From a big picture point of view, Brent oil consolidates below the nearest resistance at $83.50 – $84.50.
The current setup looks promising for the bulls, but Brent oil needs to climb above the $84.50 level to gain sustainable momentum.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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Related Knowledge Center: ENERGY BASICS: petroleum
While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.