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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rallies On Trade Deal Hopes
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Key Points:
- Natural gas is moving lower as traders react to the EIA report.
- WTI oil rallied towards the $60.00 level as traders focused on U.S. - UK trade deal.
- Brent oil climbed above the $62.50 level.
Natural Gas
Natural gas pulls back as traders react to the EIA report, which indicated that working gas in storage increased by +104 Bcf from the previous week.
A move below the $3.50 level will open the way to the test of the support level at $3.35 – $3.40.
WTI Oil
WTI oil gains ground as traders react to U.S. – UK trade deal and prepare for U.S. – China negotiations, which will be held on May 10 in Switzerland.
If WTI oil climbs above the $60.00 level, it will head towards the nearest resistance level at $62.50 – $63.00.
Brent Oil
Brent oil is trying to settle above the resistance at $62.00 – $62.50 amid broad rally in the oil markets.
In case Brent oil stays above the $62.50 level, it will head towards the resistance at $67.00 – $67.50.
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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