Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats As Trump Calls On OPEC To Push Prices Lower

By:

Vladimir Zernov

Published: Jan 23, 2025, 19:05 GMT+00:00

Key Points:

Natural gas found itself under pressure after the release of the EIA report.
WTI oil tested new lows as traders focused on Trump's comments.
Brent oil declined below the $78.50 level.

Natural Gas

Natural Gas 230125 Daily Chart

Natural gas pulled back as traders reacted to the EIA report, which showed that working gas in storage decreased by -223 Bcf from the previous week.

A move below the $3.90 level will open the way to the test of the nearest support level at $3.55 – $3.60.

WTI Oil

WTI Oil 230125 Daily Chart

WTI oil tests new lows as Donald Trump says he would ask Saudi Arabia and OPEC to push prices lower.

If WTI oil stays below the $75.00 level, it will move towards the nearest support level at $73.00 – $73.50.

Brent Oil

Brent Oil 230125 Daily Chart

Brent oil is losing ground as traders focus on Trump’s words. The EIA report, which showed that crude inventories declined by 1 million barrels, served as an additional bearish catalyst. Analysts expected that inventories would drop by 2.1 million barrels.

From the technical point of view, Brent oil is moving towards the nearest support level, which is located in the $77.00 – $77.50 range.

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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.