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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Gains Ground But Traders Stay Cautious
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Key Points:
- Natural gas retreats as traders react to the EIA report.
- WTI oil settled near the $63.00 level as traders waited for additional catalysts.
- Brent oil climbed back above the $66.00 level.
Natural Gas
Natural gas tested new lows as traders reacted to the EIA report, which indicated that working gas in storage increased by +88 Bcf from the previous week.
A move below the $2.90 level will push natural gas towards the support level at $2.70 – $2.75.
WTI Oil
WTI oil gains some ground but traders stay cautious amid reports indicating that OPEC+ may raise output in June.
From the technical point of view, WTI oil needs to settle above the resistance at $62.50 – $63.00 to gain sustainable upside momentum in the near term.
Brent Oil
Brent oil has also managed to gain some ground after yesterday’s pullback. From a big picture point of view, oil traders are waiting for additional catalysts.
A move above the $67.50 level will provide Brent oil with an opportunity to gain upside momentum.
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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