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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rebounds From Weekly Lows
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Key Points:
- Natural gas markets suffered a sell-off as storage build exceeded expectations.
- WTI oil moved above the $73.00 level, supported by strong U.S. Composite PMI data.
- Brent oil climbed back above $77.00 on short-covering.
Natural Gas
Natural gas is under strong pressure as traders react to the EIA report, which indicated that working gas in storage increased by 35 Bcf from the previous week.
In case natural gas settles below the support at $2.00 – $2.05, it will move towards the next support level at $1.80 – $1.85.
WTI Oil
WTI oil rebounds as traders react to the better-than-expected U.S. Composite PMI report. Short-covering may have also provided support to oil prices in today’s trading session.
A move above the $74.00 level will push WTI oil towards the nearest resistance at $75.50 – $76.50.
Brent Oil
Brent oil has also managed to rebound from weekly lows. From a big picture point of view, Brent oil is trying to stabilize after the strong pullback.
In case Brent oil manages to settle back above the $78.00 level, it will head towards the psychologically important $80.00 level.
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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