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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats As Traders Focus On Tariffs
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Key Points:
- Natural gas moved higher as traders reacted to the EIA report.
- WTI oil pulled back as traders took profits after the recent rally.
- Brent oil declined towards the $71.00 level.
Natural Gas
Natural gas gains ground as traders react to the EIA report, which showed that working gas in storage increased by +48 Bcf from the previous week.
In case natural gas settles above the $3.20 level, it will move towards the resistance at $3.35 – $3.40.
WTI Oil
WTI oil pulls back as traders focus on Trump’s tariff policy. Traders also try to evaluate whether potential sanctions on Russia will put significant pressure on the country’s exports.
In case WTI oil settles back below the $69.00 level, it will head towards the support level at $66.00 – $66.50.
Brent Oil
Brent oil attempts to settle below the support level at $71.00 – $71.50 amid broad pullback in the oil markets.
In case this attempt is successful, Brent oil will head towards the next support at $67.50 – $68.00.
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.
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