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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests New Lows As Traders React To EIA Data And Tariffs On India
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Key Points:
- Natural gas moved higher as traders focused on favorable weather forecasts.
- WTI oil tested new lows as traders reacted to the EIA report.
- Brent oil pulled back below the $67.00 level as traders bet that Russian oil supply would not be disrupted.
Natural Gas
Natural gas continues to rebound from multi-month lows as traders bet on rising demand due to hot weather.
If natural gas manages to settle above the $3.20 level, it will move towards the resistance at $3.35 – $3.40.
WTI Oil
WTI oil moved lower as traders reacted to the EIA report, which indicated that crude inventories declined by -3 million barrels from the previous week.
A move below the $64.00 level will push WTI oil towards the support level at $60.00 – $60.50.
Brent Oil
Brent oil is under pressure as traders focus on Trump’s decision to impose an additional 25% tariff on India over purchases of Russian oil.
In case Brent oil stays below the $67.50 level, it will head towards the support level at $63.50 – $64.00.
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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