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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Prices Stabilize As Traders Focus On The EIA Report
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Key Points:
- Natural gas gains ground, supported by colder weather forecasts.
- WTI oil settled above the $58.00 level as traders reacted to the EIA report.
- Brent oil was mostly flat as traders focused on geopolitical developments.
Natural Gas
Natural gas rebounds after yesterday’s sell-off as traders focus on bullish changes in weather forecasts.
In case natural gas settles above the resistance at $4.60 – $4.65, it will move towards the next resistance level at $5.00 – $5.05.
WTI Oil
WTI oil is swinging between gains and losses as traders react to the EIA report, which indicated that crude inventories increased by +2.8 million barrels from the previous week.
In case WTI oil declines below the $58.00 level, it will head towards the support, which is located in the $55.50 – $56.00 range.
Brent Oil
Brent oil is mostly flat as traders stay focused on geopolitical developments and wait for news on potential Russia – Ukraine peace talks.
The technical picture remains unchanged as Brent oil needs to settle below the $62.00 level to gain additional downside 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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