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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rebounds As Traders Focus On Supply Risks
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Key Points:
- Natural gas moved lower as traders focused on the EIA report.
- WTI oil climbed above the $57.00 level as traders reacted to U.S. efforts to seize Venezuela-linked tankers.
- Brent oil moved towards the $62.00 level.
Natural Gas
Natural gas pulls back as traders react to the EIA Weekly Natural Gas Storage Report. The report indicated that working gas in storage decreased by -119 Bcf from the previous week, compared to analyst forecast of -114 Bcf.
A successful test of the support level at $3.25 – $3.30 will open the way to the test of the next support at $3.05 – $3.10.
WTI Oil
WTI oil gains ground as traders focus on U.S. operations to seize Venezuela-linked oil tankers.
In case WTI oil manages to settle above the $57.50 level, it will move towards the 50 MA at $58.61.
Brent Oil
Brent oil rebounded as traders focused on geopolitical developments. Some traders worry that unrest in Iran may ultimately have an impact on the flows of oil from the country.
A move above the 50 MA at $62.54 will open the way to the test of the resistance at $64.50 – $65.00.
If you’d like to know more about what drives oil prices, please visit our educational area.
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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