Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rallies As Traders Focus On Geopolitical Risks
News Summary
Natural gas prices are attempting to settle above the $3.10 level and the 50 MA at $3.15, targeting the $3.25-$3.30 range if successful. WTI oil has moved above $64.00, supported by a rising geopolitical premium stemming from Russian supply risks and Israel’s operation in Gaza City. A move above the 50 MA at $64.94 would push WTI oil towards the $66.00-$66.50 resistance level. Brent oil is trying to settle above the $67.50-$68.00 resistance amid a broad rally in oil markets. If Brent oil remains above $68.00, it will head towards the $71.00-$71.50 resistance level.
Background
Global energy markets have been significantly impacted by geopolitical tensions since early 2022, notably the conflict between Russia and Ukraine, leading to ongoing concerns and sanctions regarding Russian oil and gas supplies. This uncertainty has consistently introduced a substantial geopolitical risk premium into crude oil prices. Concurrently, the Middle East, particularly the Israel-Hamas conflict in Gaza, has seen escalating tensions since late 2023. As a crucial global oil production and transit hub, any intensification or spread of conflict in this region could directly threaten crude oil supplies, thereby driving international oil prices higher.
In-Depth AI Insights
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