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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Dives As U.S. Gasoline Stocks Rise

By:
Vladimir Zernov

Oil traders stay focused on the weakness of oil demand.

Natural Gas, WTI Oil, Brent Oil Forecasts

In this article:

Key Insights

  • Natural gas moved below the $2.60 level due to mild weather forecasts. 
  • WTI oil settled below $70.00 as traders reacted to the EIA report. 
  • Brent oil tested new lows amid demand worries. 

Natural Gas

Natural Gas
Natural Gas 061223 Daily Chart

Natural gas tested new lows as traders remained focused on bearish weather forecasts.

If natural gas stays below the $2.60 level, it will head towards the support at $2.40 – $2.45.

WTI Oil

WTI Oil
WTI Oil 061223 Daily Chart

WTI oil suffered a sell-off as EIA report indicated that gasoline inventories increased by 5.4 million barrels.

If WTI oil settles below the $70.00 level, it will head towards the nearest support at $67.50 – $68.50.

Brent Oil

Brent Oil
Brent Oil 061223 Daily Chart

Brent oil  tested new lows as traders remained worried about the strength of demand for oil.

A move below the $74.00 level will open the way to the test of the support at $71.75 – $73.00.

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

About the Author

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.

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