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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Remains Under Pressure As Traders Focus On U.S. – Russia Talks
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Key Points:
- Natural gas is swinging between gains and losses as traders react to the EIA report.
- WTI oil declined below the $64.00 level as traders reacted to recent talks between U.S. and Russia.
- Brent oil pulled back below the $66.50 level.
Natural Gas
Natural gas is mostly flat as traders react to the EIA report, which indicated that working gas in storage increased by +7 Bcf from the previous week.
If natural gas manages to settle above $3.20, it will head towards the resistance at $3.35 – $3.40.
WTI Oil
WTI oil tests new lows as traders focus on the potential meeting between Donald Trump and Vladimir Putin. Traders believe that Russian oil supply will not be hurt and focus on rising supply from OPEC+.
If WTI oil settles below the $64.00 level, it will move towards the support at $60.00 – $60.50.
Brent Oil
Brent oil remains under pressure as traders bet that supply from OPEC+ will continue to increase in the upcoming months.
RSI remains in the moderate territory, and there is plenty of room to gain additional downside momentum in the near term.
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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