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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Dives As Crude Inventories Rise By 8.7 Million Barrels
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Key Points:
- Natural gas attempts to settle above the $3.25 level.
- WTI oil is losing ground as traders react to the bearish EIA report.
- Brent oil pulled back below the $75.00 level.
Natural Gas
Natural gas continues its attempts to settle above the nearest resistance at $3.20 – $3.25. RSI is in the moderate territory, and there is plenty of room to gain momentum in case the right catalysts emerge.
If natural gas manages to settle above $3.25, it will move towards the resistance at $3.55 – $3.60.
WTI Oil
WTI oil retreats as traders focus on the EIA report, which indicated that crude inventories increased by 8.7 million barrels from the previous week.
A move below the $70.00 level will push WTI oil towards the next support at $67.00 – $67.50.
Brent Oil
Brent oil is under strong pressure as traders focus on rising crude oil and gasoline inventories in the U.S.
In case Brent oil stays below the $75.00 level, it will head towards the support at $71.00 – $71.50.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Vladimir Zernovauthor
In more than 15 years of trading in the financial markets, Vladimir dealt with a wide range of brokers and financial instruments. His career as a day-trader at a proprietary trading firm goes back to 2007. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. Using his experience, he helps traders find the best broker in his reviews.
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