Advertisement
Advertisement
Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rebounds As Traders Focus On U.S. Economic Data
By:
Key Points:
- Natural gas moved lower despite the encouraging EIA report.
- WTI oil climbed above the $78.00 level as U.S. Retail Sales beat analyst expectations.
- Brent oil is trying to settle back above the $81.00 level.
Natural Gas
Natural gas pulls back despite the bullish EIA report, which indicated that working gas in storage declined by 6 Bcf from the previous week.
In case natural gas pulls back below the $2.15 level, it will head towards the nearest support at $2.00 – $2.05.
WTI Oil
WTI oil rebounds after the recent sell-off. Traders react to the strong U.S. Retail Sales report, which showed that U.S. economy remained in a decent shape.
A move above the $78.00 level will push WTI oil towards the resistance at $79.00 – $80.00.
Brent Oil
Brent oil gained ground as traders used the recent pullback as an opportunity to increase their long positions. Meanwhile, tensions in the Middle East continue to provide some support to oil markets.
From the technical point of view, Brent oil is moving towards the nearest resistance level at $81.50 – $82.00.
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.
Did you find this article useful?
Latest news and analysis
Advertisement