Advertisement
Advertisement
Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Gains Ground As Gasoline Inventories Fall
By:
Key Points:
- Natural gas is under strong pressure as traders focus on warm weather forecasts.
- WTI oil moved higher as traders reacted to the EIA report.
- Brent oil climbed towards the $71.00 level.
Natural Gas
Natural gas markets suffered a sell-off as traders focused on bearish changes in weather forecasts.
In case natural gas declines below the support at $4.00 – $4.05, it will move towards the next support level at $3.65 – $3.70.
WTI Oil
WTI oil gained ground as traders focused on the EIA report, which indicated that gasoline inventories declined by 5.7 million barrels from the previous week.
If WTI oil manages to settle above the $67.50 level, it will move towards the psychologically important $70.00 level.
Brent Oil
Brent oil is moving higher amid broad rally in the oil markets. Some traders are ready to bet on a strong rebound from recent lows.
A successful test of the resistance at $71.00 – $71.50 will provide Brent oil with a chance to gain additional 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.
Latest news and analysis
Advertisement