Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests New Lows After EIA Report

Natural Gas

Natural gas is losing ground as traders focus on mild weather forecasts. The current demand for natural gas is low, which is bearish for natural gas markets.

If natural gas stays below the $4.00 level, it will move towards the next support, which is located in the $3.55 – $3.60 range.

WTI Oil

WTI oil tests new lows as traders react to the EIA report, which showed that crude inventories decreased by 2.3 million barrels from the previous week.

In case WTI oil settles below the support at $67.00 – $67.50, it will head towards the next support level, which is located in the $62.50 – $63.00 range.

Brent Oil

Brent oil  pulled back as traders focused on Trump’s tariff threats. Trump said that 25% tariffs would be imposed on imports from the EU.

A move below the $71.00 level will open the way to the test of the next support level at $67.00 – $67.50.

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