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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rallies As Crude Inventories Fall
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Key Points:
- Natural gas tests multi-month lows as pullback continues.
- WTI oil climbed above $82.50 as traders reacted to the EIA report.
- Brent oil is trying to settle back above the $85.00 level.
Natural Gas
Natural gas is under strong pressure as Freeport LNG restart did not provide sufficient support to the market.
A successful test of the support at $2.00 – $2.05 will open the way to the test of the next support level at $1.75 – $1.80.
WTI Oil
WTI oil rallies as traders react to the EIA report, which indicated that crude inventories declined by 4.9 million barrels.
In case WTI oil settles above the $82.50 level, it will head towards the nearest resistance, which is located in the $83.50 – $84.50 range.
Brent Oil
Brent oil gains ground, supported by the EIA data. It looks that traders are ready to shrug off worries about the problems of the Chinese economy.
A move above the $85.00 level will provide Brent oil with an opportunity to gain additional upside momentum.
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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