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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Gains Ground As Traders Bet On Rising Demand
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Key Points:
- Natural gas rebounds from recent lows as traders react to the EIA report.
- WTI oil moved towards the $83.00 level as U.S. GDP Growth Rate report exceeded analyst expectations.
- Brent oil climbed above $86.50.
In this article:
Natural Gas
Natural gas rebounds as traders react to the EIA report, which indicated that working gas in storage declined by 36 Bcf from the previous week, compared to analyst consensus of -28 Bcf.
If natural gas moves above the $1.80 level, it will head towards the nearest resistance, which is located in the $1.95 – $2.00 range.
WTI Oil
WTI oil gained upside momentum as traders focused on the recent bullish improvements in supply/demand balance. OPEC+ maintains its production cuts, while demand from U.S. and China is set to increase.
A move above the $83.00 level opens the way to the test of the nearest resistance at $85.50 – $86.00.
Brent Oil
Brent oil moved higher amid a broad rally in the oil markets. The better-than-expected U.S. GDP Growth Rate report provided additional support to oil prices.
The technical picture remains bullish as Brent oil has managed to get out of the recent trading range.
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 and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.
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