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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats As Crude Inventories Rise By 3.6 Million Barrels
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Key Points:
- Natural gas pulled back towards $5.00 on profit-taking.
- WTI oil declined towards the $59.00 level as traders focused on the EIA report.
- Brent oil declined below $64.00 amid broad pullback in the oil markets.
Natural Gas
Natural gas pulled back from session highs as traders rushed to take profits after the huge rally.
In case natural gas pulls back below the $4.95 level, it will move towards the nearest support, which is located in the $4.00 – $4.05 range.
WTI Oil
WTI oil is under pressure as traders react to the EIA report. The report indicated that crude inventories increased by 3.6 million barrels from the previous week, compared to analyst forecast of +1.1 million barrels.
If WTI oil pulls back below the 50 MA at $58.54, it will move towards the support level, which is located in the $55.50 – $56.00 range.
Brent Oil
Brent oil is under pressure as traders focus on rising crude inventories in the U.S. and take profits after the recent rally.
If Brent oil settles below the $64.00 level, it will move towards the 50 MA at $62.57.
If you’d like to know more about how commodity markets work, please visit our educational area.
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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