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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rebounds From Session Lows As Traders Focus On Geopolitics
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Key Points:
- Natural gas pulled back below $1.65 as traders reacted to the EIA report.
- WTI oil climbed back above the $83.00 level as traders shrugged off U.S. GDP data.
- Brent oil rebounded from session lows and moved towards the $87.50 level.
Natural Gas
Natural gas tests new lows as traders react to the EIA Weekly Natural Gas Storage Report, which indicated that working gas in storage increased by 92 Bcf from the previous week.
A move below the $1.60 level will provide natural gas with an opportunity to gain additional downside momentum.
WTI Oil
WTI oil rebounded from session lows and moved higher despite the disappointing U.S. GDP Growth Rate report. It looks that Middle East tensions provide sufficient support to oil markets.
If WTI oil climbs above the $84.00 level, it will move towards the resistance at $85.50 – $86.50.
Brent Oil
Brent oil has also managed to move away from session lows as traders focused on geopolitical risks.
From the technical point of view, Brent oil remains stuck below the key resistance at $89.00 – $90.00.
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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