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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back From Session Highs Despite Weak Dollar And Falling Yields
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Key Points:
- Natural gas moved lower as traders focused on the EIA report.
- WTI oil did not manage to settle above the $66.50 level.
- Brent oil settled below the $68.00 level.
Natural Gas
Natural gas tested new lows as traders reacted to the EIA report, which indicated that working gas in storage increased by +96 Bcf from the previous week.
A successful test of the support at $3.35 – $3.40 will push natural gas towards the next support level at $3.05 – $3.10.
WTI Oil
WTI oil made an attempt to settle above the resistance level at $66.00 – $66.50 but lost momentum and pulled back.
If WTI oil declines below the 50 MA at $63.82, it will head towards the support level at $62.00 – $62.50.
Brent Oil
Brent oil is mostly flat despite U.S. dollar’s pullback and falling Treasury yields.
A move below the 50 MA at $66.57 will push Brent oil towards the support level 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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