Natural Gas, WTI Oil, Brent Oil Forecasts – WTI Oil Stays Above $60.00 As Traders Focus On U.S. – China Trade Truce

Natural Gas

Natural gas gains ground as traders react to the EIA report, which indicated that working gas in storage increased by +74 Bcf from the previous week.

A successful test of the resistance at $4.00 – $4.05 will open the way to the test of the next resistance level at $4.25 – $4.30.

WTI Oil

WTI oil is swinging between gains and losses as traders focus on U.S. – China trade truce.

The technical picture remains unchanged as WTI oil needs to settle above the $60.50 level to have a chance to gain additional upside momentum in the near term.

Brent Oil

Brent oil remains stuck near the $65.00 level as traders worry that OPEC+ will keep rising production.

If Brent oil settles above $65.00, it will head towards the 50 MA at $65.98. A move above the 50 MA will push Brent oil towards the resistance at $69.00 – $69.50.

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