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Natural Gas, WTI Oil, Brent Oil Forecasts – WTI Oil Retreats As Gasoline Inventories Rise By 2.3 Million Barrels
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Key Points:
- Natural gas gained ground amid bullish changes in weather forecasts.
- WTI oil pulled back as traders reacted to the EIA report.
- Brent oil moved lower as traders focused on potential negotiations between Russia and Ukraine.
Natural Gas
Natural gas markets rally as traders react to colder weather forecasts and bet on rising demand.
A successful test of the resistance at $4.60 – $4.65 will open the way to the test of the next resistance level at $5.00 – $5.05.
WTI Oil
WTI oil pulled back as traders focused on the EIA report, which indicated that gasoline inventories increased by 2.3 million barrels from the previous week.
In case WTI oil declines below the $58.00 level, it will head towards the support at $55.50 – $56.00.
Brent Oil
Brent oil is losing ground amid reports indicating that Russia and Ukraine may restart negotiations.
A move below the $62.00 level will push Brent oil towards the support at $60.50 – $61.00.
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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