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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Gains Some Ground Despite Rising Inventories
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Key Points:
- Natural gas tested new lows as traders focused on cooler weather forecasts.
- WTI oil settled above the $68.00 level as traders reacted to the EIA report.
- Brent oil traded near the $70.00 level as traders remained bullish.
Natural Gas
Natural gas tested new lows as traders reacted to bearish changes in weather forecasts.
From the technical point of view, natural gas settled below the previous support at $3.35 – $3.40 and is moving towards the next support level at $3.05 – $3.10.
WTI Oil
WTI oil gained some ground as traders reacted to the EIA report, which indicated that crude inventories increased by +7.1 million barrels from the previous week.
If WTI oil climbs above the $69.00 level, it will head towards the resistance level at $71.50 – $72.00.
Brent Oil
Brent oil moved higher as traders remained focused on bullish demand outlook.
A successful test of the resistance at $71.00 – $71.50 will push Brent oil towards the next resistance level at $75.00 – $75.50.
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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