Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back After EIA Report

Vladimir Zernov
Published: May 22, 2024, 18:08 GMT+00:00

Key Points:

  • Natural gas tests resistance at $2.80 - $2.85.
  • WTI oil retreats as traders focus on rising crude inventories.
  • Brent oil pulled back below the $82.00 level.
Natural Gas, WTI Oil, Brent Oil Forecasts

In this article:

Natural Gas

Natural Gas
Natural Gas 220524 Daily Chart

Natural gas tests new highs as traders stay bullish ahead of tomorrow’s EIA report, which is expected to show that working gas in storage increased by 84 Bcf from the previous week.

In case natural gas manages to settle above the resistance at $2.80 – $2.85, it will move towards the next resistance level at $3.02 – $3.09.


WTI Oil 220524 Daily Chart

WTI oil is losing ground as traders react to the EIA report, which indicated that crude inventories increased by 1.8 million barrels from the previous week.

A move below the $77.00 level will open the way to the test of the nearest support at $74.50 – $75.50.

Brent Oil

Brent Oil
Brent Oil 220524 Daily Chart

Brent oil is losing ground as traders stay worried about the strength of demand for oil.

If Brent oil stays below the $82.00 level, it will get to the test of the support at $80.00 – $81.00.

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About the Author

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.

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