Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats As Trump Calls On OPEC To Push Prices Lower

Natural Gas

Natural gas pulled back as traders reacted to the EIA report, which showed that working gas in storage decreased by -223 Bcf from the previous week.

A move below the $3.90 level will open the way to the test of the nearest support level at $3.55 – $3.60.

WTI Oil

WTI oil tests new lows as Donald Trump says he would ask Saudi Arabia and OPEC to push prices lower.

If WTI oil stays below the $75.00 level, it will move towards the nearest support level at $73.00 – $73.50.

Brent Oil

Brent oil is losing ground as traders focus on Trump’s words. The EIA report, which showed that crude inventories declined by 1 million barrels, served as an additional bearish catalyst. Analysts expected that inventories would drop by 2.1 million barrels.

From the technical point of view, Brent oil is moving towards the nearest support level, which is located in the $77.00 – $77.50 range.

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