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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back As Gasoline Inventories Rise
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Key Points:
- Natural gas was mostly flat as traders waited for catalysts.
- WTI oil moved lower as traders reacted to the EIA report.
- Brent oil made an attempt to settle below the $64.50 level.
Natural Gas
Natural gas is mostly flat as traders wait for tomorrow’s EIA report, which is expected to show that working gas in storage increased by +112 Bcf.
If natural gas climbs above the $3.75 level, it will move towards the nearest resistance at $3.85 – $3.90.
WTI Oil
WTI oil pulled back as traders reacted to the EIA report, which indicated that crude inventories declined by -4.3 million barrels from the previous week. Gasoline inventories increased by +5.2 million barrels, exceeding analyst expectations.
In case WTI oil manages to settle above the $63.00 level, it will head towards the resistance level at $66.00 – $66.50.
Brent Oil
Brent oil has also moved lower as traders took profits off the table after the recent rebound.
A move below the $64.00 level will open the way to the test of the support at $62.00 – $62.50.
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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