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Natural Gas, WTI Oil, Brent Oil Forecasts – WTI Oil Pulls Back As Gasoline Inventories Rise
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Key Points:
- Natural gas tests new highs as traders stay focused on bullish weather forecasts.
- WTI oil moved lower as traders reacted to EIA data.
- Brent oil made an attempt to settle below the $68.00 level.
Natural Gas
Natural gas continues to move higher as traders bet that hot weather will boost demand.
A successful test of the resistance at $3.60 – $3.65 will push natural gas towards the next resistance level at $3.95 – $4.00.
WTI Oil
WTI oil tests support at $66.00 – $66.50 as traders react to the EIA report, which indicated that gasoline inventories increased by +3.4 million barrels from the previous week.
If WTI oil settles below the $66.00 level, it will head towards the next support level at $62.00 – $62.50.
Brent Oil
Brent oil is under pressure as traders worry that tarrifs may hurt demand.
A move below the $67.50 level will open the way to the test of the next 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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