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Natural Gas, WTI Oil, Brent Oil Forecasts – Brent Oil Tests New Highs
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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.
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, 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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