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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Moves Lower After EIA Report
By:
Key Points:
- Natural gas is losing ground as traders focus on weather forecasts.
- WTI oil declined as traders reacted to the EIA report.
- Brent oil made an attempt to settle back below the $73.00 level.
In this article:
Natural Gas
Natural gas pulls back as traders focus on weather forecasts, which indicated that demand would be modest in the upcoming days.
A successful test of the support at $2.25 – $2.30 will open the way to the test of the next support level at $2.00 – $2.05.
WTI Oil
WTI oil pulls back as traders react to the EIA report, which indicated that crude inventories declined by 1.6 million barrels from the previous week.
A move below the $70.00 level will push WTI oil towards the nearest support, which is located in the $68.00 – $68.50 range.
Brent Oil
Brent oil is losing ground as traders ignore rising tensions in the Middle East. Traders do not believe that the situation in Lebanon will lead to disruptions in oil supply from the region.
From the technical point of view, Brent oil needs to stay above the $73.00 level to have a chance to gain sustainable 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 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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