Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Dives 5% On Demand Concerns

Key Insights

• Natural gas found itself under pressure after the release of the EIA report. 
• WTI oil suffered a sell-off and moved below the $73.00 level. 
• Brent oil declined below $77.00 amid a strong sell-off in the oil markets. 

Natural Gas

Natural gas pulls back as traders react to the EIA report, which indicated that working gas in storage increased by 60 Bcf from the previous week, compared to analyst consensus of +40 Bcf.

Currently, natural gas is trying to settle below the support at $3.00 – $3.05. In case this attempt is successful, natural gas will head towards the next support level at $2.80 – $2.85.

WTI Oil

WTI oil dived below the $73.00 level as traders remained focused on the recent EIA report, which showed a significant increase in crude inventories.

If WTI oil settles below the $73.00 level, it will head towards the next support at $67.00 – $68.00.

Brent Oil

Brent oil declined below the $77.00 level as market participants focused on the slowdown in Chinese oil refinery throughput.

If Brent oil stays below the $77.00 level, it will move towards the next significant support level, which is located in the $71.50 – $72.50 range.

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