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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests New Highs As Crude Inventories Fall
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Key Points:
- Natural gas continues its attempts to settle below the $3.85 level.
- WTI oil gained ground as traders focused on the EIA report.
- Brent oil moved towards the $74.00 level.
Natural Gas
Natural gas is mostly flat amid lack of positive catalysts. From the technical point of view, natural gas is moving towards the support at $3.70 – $3.75.
A move below the $3.70 level will push natural gas towards the next support at $3.35 – $3.40.
WTI Oil
WTI oil gains ground as traders react to the EIA report, which showed that crude inventories declined by 3.3 million barrels from the previous week.
If WTI oil climbs above the 50 MA at $71.02, it will head towards the resistance at $73.00 – $73.50.
Brent Oil
Brent oil is moving higher amid worries about supplies from Venezuela. U.S. will impose 25% tariffs on countries that buy Venezuelan oil.
A move above the 50 MA at $74.36 will open the way to the test of the resistance at $77.00 – $77.50.
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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