Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rallies As Trump Revokes Chevron’s Venezuela Licence

Natural Gas

Natural gas was swinging between gains and losses as traders reacted to the EIA report, which indicated that working gas in storage decreased by -261 Bcf from the previous week.

If natural gas manages to settle above the $4.05 level, it will move towards the resistance at $4.25 – $4.30.

WTI Oil

WTI oil rallied after Donald Trump revoked Chevron’s licence to operate in Venezuela.

If WTI oil stays above the $70.00 level, it will head towards the nearest resistance level, which is located in the $73.00 – $73.50 range.

Brent Oil

Brent oil gained ground as traders focused on Venezuela and ignored Trump’s plans to impose 10% tariffs on China.

A move above the $74.00 level opens the way to the test of the 50 MA at $76.20.

For a look at all of today’s economic events, check out our economic calendar.