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Natural Gas, WTI Oil, Brent Oil Forecasts – WTI Oil Retreats As Gasoline Inventories Rise
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Key Points:
- Natural gas gained ground, supported by favorable weather forecasts.
- WTI oil moved lower as traders focused on the EIA report.
- Brent oil pulled back below the $60.00 level.
Natural Gas
Natural gas rebounded after the strong pullback as traders focused on bullish changes in weather forecasts.
If natural gas stays above the $3.50 level, it will head towards the resistance level at $3.70 – $3.75.
WTI Oil
WTI oil pulls back as traders react to the EIA report. The report indicated that crude inventories decreased by -3.8 million barrels, compared to analyst forecast of +1.1 million barrels. Gasoline inventories increased by +7.7 million barrels, while analysts expected that they wouuld grow by 2.9 million barrels.
A successful test of the support level at $55.50 – $56.00 will push WTI oil towards the next support level, which is located in the $51.50 – $52.00 range.
Brent Oil
Brent oil declined below the psychologically important $60.00 level amid broad pullback in the oil markets.
In case Brent oil stays below the $60.00 level, it will head towards December lows near the $59.00 level.
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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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