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Natural gas and oil forecast: Houthi strikes put oil on track for a fourth monthly gain as Brent eyes $114.37, WTI tests $103.94 and NG slips toward $2.80.
Oil prices gained in early Asia trade after settling lower on hopes of U.S.-Iran talks.
WTI crude oil consolidates in a symmetrical triangle near recent highs, with a breakout potentially opening the way toward $120 while a breakdown risks a test of moving-average support.
The US government said on Thursday that oil companies have agreed to borrow about 40 million barrels of crude from the Strategic Petroleum Reserve, the last batch of the US share of a global deal
I reiterate a Buy rating on the VanEck Oil Services ETF, emphasizing scale-down accumulation amid volatility. Geopolitical conflicts and supply disruptions are keeping oil prices and OIH demand elevated, with downside seen as limited. OIH's top holdings—SLB, Baker Hughes, Halliburton—comprise over 37% of assets, and the ETF remains highly correlated with oil price movements.
The oil market may soon reach a point where the dust finally settles enough to see the true chaos the eight-month-old conflict in the Middle East and its shipping disruptions have wrought upon the global crude sector.
Traders continue to prepare for the restart of the military operation against Iran.
I'm heading to the Middle East and Europe. Here's what I expect to see. Big Oil earnings are coming. Why guidance could matter most and why the the charts suggest investors should be cautious.