Advertisement
Advertisement
Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back From Session Highs As Treasury Yields Rebound
By:
Key Points:
- Natural gas gained ground as traders reacted to the EIA report.
- WTI oil did not manage to settle above the $80.00 level as Treasury yields moved higher.
- Brent oil tested resistance at $83.50.
Natural Gas
Natural gas tests new highs as traders react to the EIA report, which indicated that working gas in storage increased by 70 Bcf from the previous week, compared to analyst consensus of +76 Bcf.
If natural gas manages to settle above the resistance at $2.45 – $2.50, it will move towards the next resistance level at $2.80 – $2.85.
WTI Oil
WTI oil moved away from session highs as Treasury yields rebounded after yesterday’s pullback.
From a big picture point of view, WTI oil remains stuck near the important resistance at $79.00 – $80.00.
Brent Oil
Brent oil gains some ground as bulls hope that central banks will start cutting rates, providing support to the world economy and boosting demand for oil.
The resistance at $83.50 – $84.50 stays strong, and Brent oil needs additional positive catalysts to settle above $84.50.
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, 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.
Did you find this article useful?
Latest news and analysis
Advertisement