Natural Gas, WTI Oil, Brent Oil Forecasts – WTI Oil Tested New Lows

By:

Vladimir Zernov

Published: Jan 30, 2025, 19:03 GMT+00:00

Key Points:

Natural gas is moving lower as traders focus on the EIA report.
WTI oil remains under pressure amid worries about Trump's tariff policy.
Brent oil moved away from session lows, supported by dovish comments from the ECB.

Natural Gas

Natural Gas 300125 Daily Chart

Natural gas is losing ground as traders react to the EIA report, which indicated that working gas in storage decreased by -321 Bcf from the previous week.

From the technical point of view, natural gas failed to settle above the resistance at $3.20 – $3.25 and is moving towards the nearest support level at $2.95 – $3.00.

WTI Oil

WTI Oil 300125 Daily Chart

WTI oil tested new lows as traders remained focused on Donald Trump’s tariff plans, which could hurt demand for oil in the near term.

In case WTI oil declines below the 50 MA at $71.99, it will head towards the strong support level, which is located in the $67.00 – $67.50 range.

Brent Oil

Brent Oil 300125 Daily Chart

Brent oil rebounded from session lows as some traders were ready to buy the dip after ECB cut rates and signaled that it was ready to provide additional support to the European economy.

Brent oil needs to settle back above the $77.50 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.