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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rallies As Trump Revokes Chevron’s Venezuela Licence
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Key Points:
- Natural gas settled near the $4.00 level as traders reacted to the EIA report.
- WTI oil gained upside momentum as Donald Trump canceled Chevron's Venezuela licence.
- Brent oil climbed towards the $74.00 level.
Natural Gas
Natural gas was swinging between gains and losses as traders reacted to the EIA report, which indicated that working gas in storage decreased by -261 Bcf from the previous week.
If natural gas manages to settle above the $4.05 level, it will move towards the resistance at $4.25 – $4.30.
WTI Oil
WTI oil rallied after Donald Trump revoked Chevron’s licence to operate in Venezuela.
If WTI oil stays above the $70.00 level, it will head towards the nearest resistance level, which is located in the $73.00 – $73.50 range.
Brent Oil
Brent oil gained ground as traders focused on Venezuela and ignored Trump’s plans to impose 10% tariffs on China.
A move above the $74.00 level opens the way to the test of the 50 MA at $76.20.
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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