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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests New Lows As Crude Inventories Rise
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Key Points:
- Natural gas attempts to settle back above the $2.80 level.
- WTI oil pulled back as traders reacted to the EIA report.
- Brent oil settled below the $66.00 level.
Natural Gas
Natural gas gains ground as traders bet on a rebound after the strong sell-off.
In case natural gas manages to settle above the $2.80 level, it will head towards the resistance at $3.00 – $3.05.
WTI Oil
WTI oil remains under pressure as traders react to the EIA report, which indicated that crude inventories increased by 3 million barrels from the previous week.
A move below the $62.50 level will push towards the support level at $60.00 – $60.50.
Brent Oil
Brent oil is moving lower amid lack of positive catalysts. Traders stay focused on rising supply from OPEC+ countries.
RSI remains in the moderate territory, and there is plenty of room to gain additional downside momentum in the near term.
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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