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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Gains Ground After EIA Report
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Key Points:
- Natural gas tests new lows as the pullback continues.
- WTI oil moved higher as traders focused on the bullish EIA report.
- Brent oil climbed towards the $84.00 level.
Natural Gas
Natural gas remains under pressure amid a lack of upside catalysts. The weather forecasts stay bearish.
RSI remains in the moderate territory, so there is plenty of room to gain additional downside momentum.
WTI Oil
WTI oil gains ground as traders react to the EIA report, which showed that crude inventories declined by 1.5 million barrels.
From the technical point of view, WTI oil needs to settle above the $80.00 level to gain momentum.
Brent Oil
Brent oil is also moving higher as traders focus on the EIA data. U.S. domestic oil production declined from 13.2 million bpd to 13.1 million bpd, which was bullish for oil markets.
A move above the $84.50 level will open the way to the test of the resistance at $89.00 – $90.00.
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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