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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rebounds From Session Lows As Traders Focus On EIA Data
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Key Points:
- Natural gas attempts to settle below the $3.50 level.
- WTI oil settled back above the $63.00 level as traders reacted to the EIA report.
- Brent oil climbed back above the $66.00 level.
Natural Gas
Natural gas tests new lows as traders prepare for the EIA report, which will be released tomorrow.
If natural gas settles below the $3.50 level, it will head towards the next support level at $3.35 – $3.40.
WTI Oil
WTI oil moved away from session lows as traders reacted to the EIA report, which indicated that crude inventories increased by 3.5 million barrels from the previous week.
In case WTI oil manages to settle above the 50 MA at $64.24, it will move towards the resistance at $66.00 – $66.50.
Brent Oil
Brent oil remains stuck below the key resistance at $67.00 – $67.50 as traders focus on U.S. deals in the Middle East.
A move above the $67.50 level will push Brent oil towards the resistance at $71.00 – $71.50.
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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