Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Dives 5.7% As Demand For Gasoline Is Weak

Key Insights

• Natural gas tests the key $3.00 level. 
• WTI oil is under huge pressure amid signs that gasoline demand is low due to high prices. 
• Brent oil dived towards the $86.00 level. 

Natural Gas

Natural gas is trying to settle above the resistance at $3.00 – $3.05 as exports soar to record highs.

In case this attempt is successful, natural gas will head towards the next resistance level, which is located in the $3.60 – $3.75 range.

WTI Oil

WTI oil suffered a strong sell-off as traders reacted to the EIA report, which showed that gasoline inventories increased by 6.5 million barrels from the previous week. The weak demand for gasoline served as the key negative catalyst for oil markets in today’s trading session.

If WTI oil settles below the $84.00 level, it will head towards the next support, which is located in the $80.50 – $82.00 range.

Brent Oil

Brent oil tested multi-week lows as traders feared that high prices would lead to lower demand for oil.

From the technical point of view, Brent oil is moving towards the nearest support level at $84.00 – $85.30.

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