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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats As Geopolitical Risk Premium Declines
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Key Points:
- Natural gas moved lower as traders reacted to the EIA report.
- WTI oil pulled back as traders focused on U.S. efforts to end the war between Russia and Ukraine.
- Brent oil made an attempt to settle below the $63.00 level.
Natural Gas
Natural gas pulls back as traders react to the EIA report, which indicated that working gas in storage declined by -14 Bcf from the previous week.
In case natural gas pulls back below the $4.45 level, it will head towards the nearest support at $4.25 – $4.30.
WTI Oil
WTI oil remains under pressure as Ukraine agreed to work on a peace plan developed by the U.S.
If WTI oil declines below the $58.00 level, it will head towards the support at $55.50 – $56.00.
Brent Oil
Brent oil pulled back towards the $63.00 level as geopolitical risk premium declined.
If Brent oil moves below the $62.50 level, it will head towards the nearest support level, which is located in the $60.50 – $61.00 range.
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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