Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats As Traders Focus On Gaza Ceasefire

Natural Gas

Natural gas is losing ground as traders react to the EIA report, which indicated that working gas in storage increased by +80 Bcf from the previous week.

A move below the support at $3.25 – $3.30 will push natural gas towards the next support level at $3.00 – $3.05.

WTI Oil

WTI oil pulls back as Israel and Hamas agreed to Gaza ceasefire. Geopolitical risk premium declined, which was bearish for oil markets.

If WTI oil settles below the $61.50 level, it will head towards the support at $60.00 – $60.50.

Brent Oil

Brent oil pulled back as traders reacted to the major breakthrough in Middle East negotiations.

A successful test of the support level at $64.50 – $65.00 will open the way to the test of the next support at $60.50 – $61.00.

For a look at all of today’s economic events, check out our economic calendar.