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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rebounds From Weekly Lows
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Key Points:
- Natural gas gains ground as traders focus on the upcoming EIA report.
- WTI oil received strong support in the $67.00 - $67.50 range.
- Brent oil managed to settle back above the $72.00 level.
Natural Gas
Natural gas gains ground as traders prepare for the EIA report, which will be released tomorrow. The current demand for natural gas is low, and weather forecasts remain uninspiring.
A successful test of the resistance at $3.00 – $3.05 will push natural gas towards the next resistance level at $3.20 – $3.25.
WTI Oil
WTI oil gains ground as traders take some profits off the table after the recent pullback.
A move above the $69.00 level will push WTI oil towards the 50 MA at $70.61.
Brent Oil
Brent oil is moving higher after an unsuccessful attempt to settle below the support at $71.00 – $71.50.
If Brent oil manages to settle back above the $73.00 level, it will head towards the 50 MA at $74.18.
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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