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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Markets Are Flat As Traders Wait For Catalysts
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Key Points:
- Natural gas moved higher after the release of the EIA report.
- WTI oil settled near the $70.00 level.
- Brent oil moved away from session lows and climbed above $74.00.
Natural Gas
Natural gas gains ground as traders react to the EIA report, which indicated that working gas in storage increased by +37 Bcf from the previous week.
The technical picture remains unchanged as natural gas settled in a range between the support at $3.70 – $3.75 and the resistance at $4.00 – $4.05.
WTI Oil
WTI oil is flat as traders wait for additional catalysts. It should be noted that the bullish trend is strong, and any pullbacks are quickly bought.
A move above the 50 MA at $70.63 will push WTI oil towards the resistance level at $73.00 – $73.50.
Brent Oil
Brent oil has also managed to rebound from session lows as traders bought the dip.
The technical picture is bullish, and Brent oil has a good chance to settle above the 50 MA at $74.22.
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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