Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Dives As Saudi Arabia Prepares For Low Prices

Natural Gas

Natural gas made an attempt to settle above the resistance at $3.35 – $3.40 but lost momentum and pulled back.

In case natural gas settles below the $3.30 level, it will head towards the nearest support level at $3.05 – $3.10.

WTI Oil

WTI oil pulled back as traders reacted to U.S. GDP Growth Rate report, which indicated that the U.S. economy contracted in the first quarter. The EIA report, which showed that crude inventories declined by -2.7 million barrels from the previous week, did not provide support to oil markets.

A successful test of the support at $57.50 – $58.00 will push WTI oil towards the next support level at $53.50 – $54.00.

Brent Oil

Brent oil  declined towards the $61.00 level amid reports indicating that Saudi Arabia was prepared to live with low oil prices and would not cut supply.

A move below the $61.00 level will open the way to the test of the support at $58.00 – $58.50.

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