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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Attempts To Rebound After Yesterday’s Sell-Off
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Key Points:
- Natural gas climbed back above the $2.00 level.
- WTI oil settled near the $79.00 level.
- Brent oil is trying to rebound as short sellers take some profits off the table after the strong pullback.
Natural Gas
Natural gas gains ground as traders react to the EIA report, which indicated that working gas in storage increased by 59 Bcf from the previous week.
In case natural gas settles above the $2.00 level, it will move towards the 50 MA at $2.21.
WTI Oil
WTI oil is swinging between gains and losses as traders remain focused on the recent EIA report, which showed a significant increase in U.S. crude inventories.
In case WTI oil manages to settle below the $79.00 level, it will move towards the next support at $74.50 – $75.50.
Brent Oil
Brent oil is mostly flat as some traders take profits off the table after the recent move.
From the technical point of view, Brent oil needs to climb back above the $84.50 level to have a chance to gain upside momentum in the near term.
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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