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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats Amid Trade War Fears
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Key Points:
- Natural gas gained some ground as traders reacted to the EIA report.
- WTI oil moved lower as traders focused on recent developments in tariff drama.
- Brent oil pulled back below the $70.00 level.
Natural Gas
Natural gas attempts to rebound as traders react to the EIA report, which indicated that working gas in storage decreased by -62 Bcf from the previous week.
If natural gas settles above $4.15, it will move towards the nearest resistance level at $4.25 – $4.30.
WTI Oil
WTI oil pulls back as traders focus on recent developments in trade wars. U.S. President Donald Trump threatened to impose a 200% tariff on wine and other alcoholic beverages from Europe in case the EU imposes a tax on American whiskey.
If WTI oil settles below the $65.00 level, it will move towards the nearest support level at $62.50 – $63.00.
Brent Oil
Brent oil is losing ground amid broad pullback in the oil markets. Traders worry that trade wars will hurt economic growth and reduce demand for oil.
A move below the $69.00 level will open the way to the test of the support at $67.00 – $67.50.
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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