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Natural Gas, WTI Oil, Brent Oil Forecasts – WTI Oil Pulls Back On Refinery Outage
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Key Points:
- Natural gas retreats after bearish EIA report.
- WTI oil pulled back towards $85.00 as Motiva Enterprises refinery suffered outage.
- Brent oil is trying to settle below the $90.00 level.
Natural Gas
Natural gas is under strong pressure as traders react to the EIA report, which indicated that working gas in storage increased by 24 Bcf from the previous week.
In case natural gas settles below the $1.75 level, it will head towards the support at $1.65 – $1.70.
WTI Oil
WTI oil is losing ground as traders focus on the refinery outage at Motiva Enterprises facility in Texas.
The technical picture has not changed as WTI oil remains stuck near the resistance at $85.50 – $86.50.
Brent Oil
Brent oil pulled back below the $90.00 level as Iran did not make any moves against Israel despite its threats. If geopolitical premium declines, oil markets may gain downside momentum.
From the technical point of view, Brent oil needs to stay above the $90.00 level to have a chance to gain sustainable upside momentum in the near term.
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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