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Natural Gas, WTI Oil, Brent Oil Forecasts – WTI Oil Stays Above $60.00 As Traders Focus On U.S. – China Trade Truce
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Key Points:
- Natural gas moved higher as traders focused on the EIA report.
- WTI oil was mostly flat as traders reacted to the trade truce between U.S. and China.
- Brent oil continued to trade near the $65.00 level.
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.
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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