Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests Multi-Month Highs On Supply Worries - FX Empire
Natural Gas, WTI Oil, Brent Oil Forecasts - Oil Tests Multi-Month Highs On Supply Worries
Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests Multi-Month Highs On Supply Worries
Key Insights
- Natural gas made another attempt to settle above the $2.85 level but lost momentum and pulled back.
- WTI oil tested new highs as traders focused on production cuts.
- Brent oil moved towards the resistance in the $88.80 – $90.00 range.
Natural Gas
Natural gas made another attempt to settle above the resistance at $2.80 – $2.85 but failed to develop sufficient upside momentum and pulled back.
Employees at Chevron’s Australian LNG facilities have recently rejected a pay deal, but supply worries did not provide additional support to natural gas prices.
WTI Oil
WTI oil tested new highs as traders remained focused on production cuts, which are expected to offset the negative impact from China’s problems.
RSI is close to the overbought territory, but there is enough room to gain additional upside momentum in case the right catalysts emerge.
Brent Oil
Brent oil has also moved higher as traders bet that oil markets will get tighter in the upcoming months.
The nearest resistance level for Brent oil is located in the $88.80 – $90.00 range. A move above the $90 level will provide Brent oil with an opportunity to gain additional upside momentum.
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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.