Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Is Losing Ground After EIA Report

By:

Vladimir Zernov

Published: Nov 27, 2024, 19:27 GMT+00:00

Key Points:

Natural gas pulled back towards the $3.20 level.
WTI oil moved lower as traders focused on the EIA report.
Brent oil remained under pressure as traders reacted to the ceasefire deal in the Middle East.

Natural Gas

Natural Gas 271124 Daily Chart

Natural gas is losing ground as traders react to the EIA report, which indicated that working gas in storage declined by -2 Bcf from the previous week.

If natural gas settles below the support at $3.20 – $3.25, it will move towards the next support level at $3.00 – $3.05.

WTI Oil

WTI Oil 271124 Daily Chart

WTI oil is losing some ground as traders focus on the EIA report, which indicated that crude inventories decreased by 1.8 million barrels from the previous week.

From the technical point of view, WTI oil is slowly moving towards the nearest support level at $67.00 – $67.50.

Brent Oil

Brent Oil 271124 Daily Chart

Brent oil is moving lower as traders react to the ceasefire deal between Israel and Hezbollah.

If Brent oil stays below the $73.00 level, it will head towards the nearest support at $71.00 – $71.50.

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.