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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Gains Ground Despite Rising Crude Inventories
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Key Points:
- Natural gas continues its attempts to get to the test of the $2.00 level.
- WTI oil rebounded above $86.00 despite bearish EIA report.
- Brent oil moved back above the $90.00 level.
Natural Gas
Natural gas gained ground as traders bet that production cuts would ultimately improve supply/demand balance.
Natural gas needs to settle above the resistance at $1.95 – $2.00 to have a chance to gain sustainable upside momentum.
WTI Oil
WTI oil gains ground despite bearish EIA report, which indicated that crude inventories increased by 5.8 million barrels from the previous week.
From the technical point of view, WTI oil continues its attempts to settle above the resistance at $85.50 – $86.50.
Brent Oil
Brent oil is also moving higher as traders ignore the bearish EIA report, strong dollar, and rising Treasury yields.
RSI has recently moved back into the moderate territory, so there is plenty of room to gain additional upside momentum.
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.
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