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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back After EIA Report
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Key Points:
- Natural gas tests resistance at $2.80 - $2.85.
- WTI oil retreats as traders focus on rising crude inventories.
- Brent oil pulled back below the $82.00 level.
Natural Gas
Natural gas tests new highs as traders stay bullish ahead of tomorrow’s EIA report, which is expected to show that working gas in storage increased by 84 Bcf from the previous week.
In case natural gas manages to settle above the resistance at $2.80 – $2.85, it will move towards the next resistance level at $3.02 – $3.09.
WTI Oil
WTI oil is losing ground as traders react to the EIA report, which indicated that crude inventories increased by 1.8 million barrels from the previous week.
A move below the $77.00 level will open the way to the test of the nearest support at $74.50 – $75.50.
Brent Oil
Brent oil is losing ground as traders stay worried about the strength of demand for oil.
If Brent oil stays below the $82.00 level, it will get to the test of the support at $80.00 – $81.00.
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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