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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Markets Attempt To Rebound
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Key Points:
- Natural gas is moving lower as traders stay focused on the recent EIA report.
- WTI oil made an attempt to settle above the $68.00 level.
- Brent oil climbed back above the $70.00 level.
Natural Gas
Natural gas is losing ground as traders stay focused on the bearish EIA report and continue to take profits after the recent rally.
A successful test of the support at $4.25 – $4.30 will push natural gas towards the next support level at $4.00 – $4.05.
WTI Oil
WTI oil moved higher as Donald Trump warned that he could impose additional sanctions on Russia.
In case WTI oil manages to settle back above the $68.00 level, it will head towards the psychologically important $70.00 level.
Brent Oil
Brent oil has also moved away from recent lows as some traders were ready to bet on a rebound.
From the technical point of view, Brent oil needs to settle above the resistance at $71.00 – $71.50 to have a chance to gain 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.
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