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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back After EIA Report
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Key Points:
- Natural gas plunged towards the $1.70 level.
- WTI oil moved below the $83.00 level as traders reacted to the EIA report.
- Brent oil is trying to settle back below $88.00.
Natural Gas
Natural gas has found itself under strong pressure after an unsuccessful attempt to settle above the $1.80 level.
The technical picture remains bearish, and natural gas may try to settle below the key support at $1.60 – $1.65.
WTI Oil
WTI oil pulled back as traders reacted to the EIA report, which indicated that crude inventories declined by 6.4 million barrels.
From the technical point of view, the current pullback looks healthy after the recent rebound.
Brent Oil
Brent oil has also moved lower after the release of the EIA report. According to recent reports, Israel prepares for an operation against Hamas in Rafah. However, the geopolitical premium for oil is not increasing.
If Brent oil manages to settle above $83.50, it will head towards the next resistance at $85.50 – $86.50.
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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