Advertisement
Advertisement
Natural Gas, WTI Oil, Brent Oil Forecasts – Brent Oil Pulled Back Towards $60.00
By:
Key Points:
- Natural gas moved lower as traders reacted to the EIA report.
- WTI oil declined below the $56.50 level amid lack of positive catalysts.
- Brent oil moved lower after an unsuccessful attempt to settle above the resistance at $60.50 - $61.00.
Natural Gas
Natural gas pulls back as traders react to the EIA report, which indicated that working gas in storage declined by -167 Bcf from the previous week, compared to analyst consensus of -169 Bcf.
A successful test of the support at $3.90 – $3.95 will open the way to the test of the next support level at $3.70 – $3.75.
WTI Oil
WTI oil pulled back as traders took some profits off the table after yesterday’s rebound. From a big picture point of view, traders remain focused on supply outlook and geopolitical developments.
In case WTI oil declines below the support at $55.50 – $56.00, it will move towards the next support level at $51.50 – $52.00.
Brent Oil
Brent oil moved towards the $60.00 level amid broad pullback in the oil markets.
The technical picture remains unchanged as Brent oil failed to settle above the resistance at $60.50 – $61.00.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Vladimir Zernovauthor
Vladimir is an independent trader, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.
Advertisement