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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Prices Rebound After Sell-Off
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Crude inventories declined by 4.3 million barrels from the previous week, providing support to oil markets.
In this article:
Key Insights
- Natural gas gains ground amid profit-taking.
- WTI oil rebounds as traders react to the EIA report.
- Brent oil moved towards the $74.00 level.
Natural Gas
Natural gas is moving higher as traders take some profits off the table after the recent move.
The nearest resistance level for natural gas is located in the $2.40 – $2.45 range. It remains to be seen whether natural gas will settle above $2.45 as weather forecasts stay bearish.
WTI Oil
WTI oil rebounds after yesterday’s sell-off which was triggered by demand concerns. EIA report showed that crude inventories declined by 4.3 million barrels, compared to analyst consensus of -0.65 million.
In case WTI oil settles above $69.00, it will move towards the recent highs near the $72.00 level.
Brent Oil
Brent oil is also moving higher as traders bet on a rebound near a strong support level.
The support at $71.75 – $73.00 has been tested many times in March, May, and June. Most likely, Brent oil wil need significant catalysts to settle below the $71.75 level.
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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