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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Is Mostly Flat After EIA Report
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Key Points:
- Natural gas is losing ground as traders focus on weather forecasts.
- WTI oil settled above the $81.00 level as traders reacted to the EIA report.
- Brent oil failed to settle below $85.00.
In this article:
Natural Gas
Natural gas remains under strong pressure as traders focus on mild weather forecasts.
From the technical point of view, natural gas is moving towards the $1.60 – $1.65 level.
WTI Oil
WTI oil is mostly flat as traders react to the EIA report, which indicated that crude inventories increased by 3.2 million barrels from the previous week. Domestic oil production remained unchanged, which is bullish for WTI oil.
WTI oil continues to consolidate above the $80.00 level. Most likely, it will need additional catalysts to gain momentum in the near term.
Brent Oil
Brent oil rebounded after an unsuccessful attempt to settle below the $85.00 level.
RSI is in the moderate territory, so Brent oil has enough room to gain upside momentum in case the right catalysts emerge.
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 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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