Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats As Crude Inventories Rise By 3.5 Million Barrels

By:

Vladimir Zernov

Published: Jan 29, 2025, 18:03 GMT+00:00

Key Points:

Natural gas attempts to rebound as traders switch to March 2025 contract.
WTI oil pulled back as traders reacted to the EIA report.
Brent oil declined below the $77.00 level.

Natural Gas

Natural Gas 290125 Daily Chart

Natural gas settled near the $3.15 level as traders switched from February 2025 contract to March 2025 contract.

In case natural gas declines below the $3.10 level, it will head towards the nearest support, which is located in the $2.95 – $3.00 range.

WTI Oil

WTI Oil 290125 Daily Chart

WTI oil is losing ground as traders focus on the EIA report, which indicated that crude inventories increased by 3.5 million barrels from the previous week, compared to analyst forecast of +3.2 million.

A move below the 50 MA at $71.91 will open the way to the test of the support level at $67.00 – $67.50.

Brent Oil

Brent Oil 290125 Daily Chart

Brent oil declined below the $77.00 level amid broad pullback in the oil markets, which was triggered by the EIA report.

If Brent oil declines below the $76.00 level, it will head towards the 50 MA at $75.28.

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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.