Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Dives 2.5% As Traders Focus On Ukraine Peace Talks

Natural Gas

Natural gas suffered a strong sell-off as traders reacted to the EIA report. The report indicated that working gas in storage declined by -177 Bcf, compared to analyst forecast of -165 Bcf. Bearish weather forecasts put significant pressure on natural gas markets.

From the technical point of view, natural gas settled below the support at $4.40 – $4.45 and is trying to settle below the next support level at $4.15 – $4.20.

WTI Oil

WTI oil pulled back despite the bullish revision of the IEA oil market forecast. Ukraine peace talks put material pressure on oil markets as bulls worry that Russian exports would increase in case the deal is reached.

A move below the $57.00 level will push WTI oil towards the support at $55.50 – $56.00.

Brent Oil

Brent oil is under pressure as traders focus on geopolitical developments and worry about supply glut.

A successful test of the support at $60.50 – $61.00 will open the way to the test of the next support level at $56.50 – $57.00.

For a look at all of today’s economic events, check out our economic calendar.