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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats As Crude Inventories Decline By 1.8 Million Barrels
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Key Points:
- Natural gas rebounded towards the $4.60 level.
- WTI oil pulled back as traders reacted to the EIA report.
- Brent oil made an attempt to settle below the $61.50 level.
Natural Gas
Natural gas attempts to rebound after the strong pullback from multi-month highs.
In case natural gas settles above the $4.60 level, it will head towards the nearest resistance at $4.70 – $4.75.
WTI Oil
WTI oil remains under pressure as traders react to the EIA report. The report indicated that crude inventories declined by – 1.8 million barrels from the previous week, compared to analyst forecast of -2.3 million barrels.
In case WTI oil settles below the $58.00 level, it will move towards the support at $55.50 – $56.00.
Brent Oil
Brent oil tested new lows amid broad pullback in the oil markets. Traders stay focused on rising supply and weak demand.
From the technical point of view, Brent oil is moving towards the support at $60.50 – $61.00.
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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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