Advertisement
Advertisement
Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats As Crude Inventories Rise By 1.8 Million Barrels
By:
Key Points:
- Natural gas tests new highs as weather forecasts stay bullish.
- WTI oil pulled back below the $62.00 level as traders reacted to the EIA report.
- Brent oil declined below the $65.50 level.
Natural Gas
Natural gas continues to move higher as traders focus on colder weather forecasts.
A move above the $3.50 level will lead to the test of the nearest resistance level at $3.55 – $3.60.
WTI Oil
WTI oil pulls back as traders focus on the EIA Weekly Petroleum Status Report. The report indicated that crude inventories increased by 1.8 million barrels from the previous week, compared to analyst forecast of +1.5 million barrels.
In case WTI oil declines below the support at $60.00 – $60.50, it will move towards the next support level at $55.50 – $56.00.
Brent Oil
Brent oil is under pressure as traders worry that too many barrels of oil will enter the market after OPEC+ raises production by 500,000 bpd.
A successful test of the resistance at $65.50 – $66.00 will push Brent oil towards the next support level at $60.50 – $61.00.
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.
Advertisement