Advertisement
Advertisement
Natural Gas, WTI Oil, Brent Oil Forecasts – Brent Oil Tests New Highs
By:
Key Points:
- Natural gas is in a bearish trend due to high inventories and rising production.
- WTI oil is moving higher as traders stay focused on yesterday's EIA report.
- Brent oil gains ground as bulls hope that demand would increase during the summer driving season.
In this article:
Natural Gas
Natural gas remains under pressure as traders stay worried about rising production levels.
The current trend is strong, and natural gas needs significant positive catalysts to have a chance to gain sustainable upside momentum.
WTI Oil
WTI oil continues its attempts to settle above the resistance at $83.50 – $84.50 as traders stay focused on yesterday’s EIA report, which showed a significant decline in crude inventories.
A move above the $84.50 level will push WTI oil towards the next resistance level at $87.00 – $87.50.
Brent Oil
Brent oil is trying to settle above the $87.50 level as traders bet on rising demand during the summer driving season.
The nearest resistance level for Brent oil is located in the $88.00 – $89.00 range. A successful test of this level will open the way to the test of the next resistance at $91.25 – $92.15.
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 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.
Did you find this article useful?
Latest news and analysis
Advertisement