Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rebounds As U.S. Puts More Pressure On Venezuela

Natural Gas

Natural gas markets gain ground as traders buy the dip after the multi-day sell-off.

In case natural gas manages to settle back above the $4.00 level, it will head towards the resistance at $4.15 – $4.20.

WTI Oil

WTI oil gains ground as U.S. initiates blockade of sanctioned Venezuelan tankers. Today, traders also focused on the EIA report. The report showed that crude inventories decreased by -1.3 million barrels from the previous week. Gasoline inventories grew by +4.8 million barrels, exceeding analyst estimates.

In case WTI oil settles back above the support at $55.50 – $56.00, it will head towards the $58.00 level.

Brent Oil

Brent oil is moving higher as traders take some profits off the table after the recent pullback and focus on the situation in Venezuela.

From the technical point of view, Brent oil needs to settle back above the resistance at $60.50 – $61.00 to have a chance to gain sustainable upside momentum in the near term.

For a look at all of today’s economic events, check out our economic calendar.