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Natural Gas, WTI Oil, Brent Oil Forecasts – WTI Oil Rebounds As GDP Growth Rate Exceeds Expectations
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Key Points:
- Natural gas is losing ground after the disappointing EIA report.
- WTI oil is trying to settle back above the $78.00 level as traders focus on U.S. GDP data.
- Brent oil attempts to climb back above the $82.00 level.
Natural Gas
Natural gas tests support at $2.00 – $2.05 as traders react to the bearish EIA report, which showed that working gas in storage increased by 22 Bcf from the previous week.
A move below the $2.00 level will push natural gas towards the next support at $1.80 – $1.85.
WTI Oil
WTI oil rebounds from multi-week lows, supported by strong U.S. GDP Growth Rate data. The U.S. economy remains in decent shape, which is bullish for oil markets.
If WTI oil settles back above the $78.00 level, it will head towards the resistance at $79.00 – $80.00.
Brent Oil
Brent oil gains ground as traders bet that U.S. demand will provide sufficient support to oil markets.
In case Brent oil settles back above the $81.50 – $82.00 level, it will head towards the 50 MA at $83.44.
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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