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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats Ahead Of U.S. – Iran Talks
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Key Points:
- Natural gas moves higher as traders focus on the EIA report.
- WTI oil pulls back ahead of U.S. - Iran negotiations.
- Brent oil declined below the $68.00 level.
Natural Gas
Natural gas continues its attempts to settle above the resistance at $3.50 – $3.55 as traders react to the EIA report, which indicated that working gas in storage decreased by -360 Bcf from the previous week.
If natural gas settles above the $3.55 level, it will move towards the next resistance at $3.95 – $4.00.
WTI Oil
WTI oil is losing ground amid commodity market pullback. From a big picture point of view, global deleveraging, which was triggered by the sell-off in silver markets, has started to put pressure on oil prices.
A move below the $63.00 level will open the way to the test of the support at $60.00 – $60.50.
Brent Oil
Brent oil is moving lower as traders wait for U.S. – Iran talks, which will be held in Oman on Friday.
RSI remains in the moderate territory, so there is plenty of room to gain additional momentum in the near term.
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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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