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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Prices Remain Under Pressure As Traders React To The EIA Report
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Key Points:
- Natural gas tested new lows as traders remained bearish.
- WTI oil made an attempt to settle below the $65.00 level after the release of the EIA report.
- Brent oil tested the $68.00 level.
Natural Gas
Natural gas is losing ground as traders bet on falling demand due to cooler weather trends.
A successful test of the support at $3.00 – $3.05 will push natural gas towards the next support level at $2.70 – $2.75.
WTI Oil
WTI oil is losing some ground as traders focus on the EIA report, which indicated that crude inventories decreased by -3.2 million barrels from the previous week.
In case WTI oil declines below the $65.00 level, it will head towards the support level at $62.00 – $62.50.
Brent Oil
Brent oil continues its attempts to settle below the nearest support level, which is located in the $67.50 – $68.00 range.
A move below the $67.50 level will open the way to the test of the support at $63.50 – $64.00.
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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