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Natural Gas, WTI Oil, Brent Oil Forecasts – WTI Oil Tests Multi-Month Highs After EIA Report

By:
Vladimir Zernov
Published: Sep 27, 2023, 17:51 GMT+00:00

Oil markets rally as traders focus on the current supply/demand balance.

Natural Gas, WTI Oil, Brent Oil Forecasts

In this article:

Key Insights

  • Natural gas traders switch from October contract to November contract. 
  • WTI oil rallies as traders focus on tight supplies. 
  • Brent oil moved towards the $95.00 level.

Natural Gas

Natural Gas
Natural Gas 270923 Daily Chart

The natural gas price chart reflects the switch to the November contract. Mild October forecasts will remain an important catalyst in play.

RSI is in the moderate territory, so there is plenty of room to gain momentum in case the right catalysts emerge.

WTI Oil

WTI Oil
WTI Oil 270923 Daily Chart

WTI oil tests new highs after the release of the EIA report, which showed that crude inventories declined by 2.2 million barrels from the previous week.

A successful test of the resistance at $92.50 – $94.00 will open the way to the test of the next resistance, which is located in the $98.50 – $100.00 range.

Brent Oil

Brent Oil
Brent Oil 270923 Daily Chart

Brent oil gains ground as traders focus on tight supplies. The EIA report provided significant support to oil markets as it highlighted the current supply/demand balance.

If Brent oil climbs above the $97 level, it will head towards the psychologically important $100 level.

For a look at all of today’s economic events, check out our economic calendar.

About the Author

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.

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