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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Markets Gain Ground As Crude Inventories Drop
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Key Points:
- Natural gas attempts to settle below the support at $2.70 - $2.75.
- WTI oil moved higher as traders focused on the EIA report.
- Brent oil climbed towards the $67.00 level.
Natural Gas
Natural gas remains under pressure as traders stay focused on bearish weather forecasts.
In case natural gas declines below the $2.70 level, it will move towards the support at $2.50 – $2.55.
WTI Oil
WTI oil gains some ground as traders react to the EIA report, which indicated that crude inventories decreased by -6 million barrels from the previous week.
From the technical point of view, WTI oil is slowly sliding towards the support at $60.00 – $60.50.
Brent Oil
Brent oil moved higher as traders focused on EIA data and geopolitical developments.
A move above $67.00 will lead to the test of the nearest resistance at $67.50 – $68.00.
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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