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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Markets Gain Ground As Traders React To EIA Report
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Key Points:
- Natural gas tested new lows amid lack of positive catalysts.
- WTI oil gained ground as traders focused on EIA data and U.S. dollar's pullback.
- Brent oil climbed above the $65.00 level.
Natural Gas
Natural gas remains under pressure as demand remains weak while weather forecasts stay bearish.
If natural gas settles below the $3.25 level, it will move towards the next support at $3.05 – $3.10.
WTI Oil
WTI oil gains ground as traders react to the EIA report, which indicated that crude inventories increased by +0.5 million barrels from the previous week.
In case WTI oil settles above the nearest resistance at $62.50 – $63.00, it will move towards the next resistance level, which is located in the $67.00 – $67.50 range.
Brent Oil
Brent oil is moving higher as traders shrug off worries about U.S. – China trade war.
If Brent oil stays above the $65.00 level, it will move towards the resistance level at $67.00 – $67.50. RSI is in the moderate territory, and there is enough room to gain upside momentum in the near term.
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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