Natural Gas, WTI Oil, and Brent Oil Forecasts: Navigating New Highs Amid Rising Middle East Conflict Risks

Monday, 7 October 2024, 11:36

Natural Gas, WTI Oil, and Brent Oil forecasts reveal critical market dynamics as oil tests new highs amid escalated Middle East conflict. Natural gas prices are dropping, pressured by Hurricane Milton impacts. Meanwhile, WTI and Brent oils showcase bullish momentum, raising concerns for traders amid geopolitical tensions.
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Natural Gas, WTI Oil, and Brent Oil Forecasts: Navigating New Highs Amid Rising Middle East Conflict Risks

Natural Gas Outlook

Natural gas is losing ground as traders focus on Hurricane Milton, which may hurt demand for energy. From a technical perspective, natural gas settled below the support at $2.85$2.90 and is moving toward the next support level at $2.60$2.65.

WTI Oil Analysis

WTI oil is testing new highs as traders remain concentrated on the situation in the Middle East. Short-covering has served as a significant catalyst for this rally. A successful test of the $81.00$81.50 resistance will enable a challenge of the next resistance level at $85.50$86.00.

Brent Oil Evaluation

Brent oil has rallied above $80.00 as traders assess the potential for a major conflict in the Middle East. An upward move beyond the $81.50 level may propel Brent oil towards resistance at $85.50$86.00.

Further Insights

For a look at all of today’s economic events, refer to our economic calendar.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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