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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Dives 5% As Traders React To Trump Tariffs
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Key Points:
- Natural gas is moving higher as traders react to the EIA report.
- WTI oil suffered a strong sell-off as Trump tariffs were higher than expected.
- Brent oil declined towards the $70.00 level.
Natural Gas
Natural gas gains ground as traders react to the EIA report, which indicated that working gas in storage increased by +29 Bcf from the previous week.
A move above the $4.15 level will push natural gas towards the resistance level at $4.25 – $4.30.
WTI Oil
WTI oil is under strong pressure as traders react to Trump tariffs, which are much higher than previously expected.
In case WTI oil settles below the support at $67.00 – $67.50, it will head towards the next support level, which is located in the $62.50 – $63.00 range.
Brent Oil
Brent oil pulled back as traders focused on the surprising decision from OPEC+, which suddenly decided to increase production by 411,000 bpd in May.
If Brent oil settles below the $70.00 level, it will move towards the support at $67.00 – $67.50.
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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