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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Soars 5% As Traders React To Bullish EIA Report
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Key Points:
- Natural gas is volatile as traders prepare for tomorrow's EIA report.
- WTI oil rallied towards the $68.00 level as crude inventories declined.
- Brent oil moved towards $70.00 as U.S. and China agreed to a trade deal.
Natural Gas
Natural gas is swinging between gains and losses as traders wait for the EIA report, which will be released tomorrow.
If natural gas manages to settle below the $3.50 level, it will head towards the support at $3.35 – $3.40.
WTI Oil
WTI oil rallied as traders focused on the EIA report, which indicated that crude inventories declined by -3.6 million barrels from the previous week.
If WTI oil settles above the $68.00 level, it will head towards the nearest resistance level at $71.50 – $72.00.
Brent Oil
Brent oil tested new highs as traders reacted to U.S. – China trade deal. The end of the acute phase of the trade war between the world’s biggest economies is bullish for oil markets.
A move above the $70.00 level will open the way to the test of the resistance level at $71.00 – $71.50.
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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