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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back From Session Highs As Traders Stay Cautious
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Key Points:
- Natural gas prices tested new highs after EIA report.
- WTI oil was mostly flat as China's oil imports data was not sufficient to push prices above the important resistance level.
- Brent oil made an unsuccessful attempt to settle above $84.50.
Natural Gas
Natural gas gains ground as traders react to the EIA report, which indicated that working gas in storage increased by 79 Bcf from the previous week, compared to analyst consensus of +87 Bcf.
From the technical point of view, natural gas settled above the 50 MA at $2.20 and is moving towards the nearest resistance at $2.45 – $2.50.
WTI Oil
WTI oil continues its attempts to settle above the resistance at $79.00 – $80.00 as traders react to China’s imports data, which indicated that oil imports increased.
A move above the $80.00 level will push WTI oil towards the 50 MA at $81.77.
Brent Oil
Brent oil made an an attempt to settle above the resistance at $84.50 but lost momentum and pulled back.
RSI is in the moderate territory, so there is plenty of room to gain additional upside momentum in case the right catalysts emerge.
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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