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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Prices Stabilize As Traders Focus On EIA Data
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Key Points:
- Natural gas markets test new lows.
- WTI oil stablized above the $65.00 level as traders reacted to the EIA report.
- Brent oil managed to find support near the $68.00 level.
Natural Gas
Natural gas moved below the support at $3.60 – $3.65 and is trying to settle below the $3.50 level as traders wait for the EIA report, which will be released tomorrow.
If natural gas settles below $3.50, it will move towards the next support level at $3.35 – $3.40.
WTI Oil
WTI oil attempts to rebound after the strong sell-off as traders react to the EIA report. The report showed that crude inventories declined by -5.8 million barrels from the previous week, compared to analyst forecast of -0.75 million.
From the technical point of view, WTI oil needs to climb above the $66.50 level to have a chance to gain upside momentum in the near term.
Brent Oil
Brent oil found some support near the $68.00 level as the market stabilized after the major pullback.
A move below the support at $67.50 – $68.00 will provide Brent oil with a chance to gain additional downside momentum.
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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