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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats As Trump Calls On OPEC To Push Prices Lower
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Key Points:
- Natural gas found itself under pressure after the release of the EIA report.
- WTI oil tested new lows as traders focused on Trump's comments.
- Brent oil declined below the $78.50 level.
Natural Gas
Natural gas pulled back as traders reacted to the EIA report, which showed that working gas in storage decreased by -223 Bcf from the previous week.
A move below the $3.90 level will open the way to the test of the nearest support level at $3.55 – $3.60.
WTI Oil
WTI oil tests new lows as Donald Trump says he would ask Saudi Arabia and OPEC to push prices lower.
If WTI oil stays below the $75.00 level, it will move towards the nearest support level at $73.00 – $73.50.
Brent Oil
Brent oil is losing ground as traders focus on Trump’s words. The EIA report, which showed that crude inventories declined by 1 million barrels, served as an additional bearish catalyst. Analysts expected that inventories would drop by 2.1 million barrels.
From the technical point of view, Brent oil is moving towards the nearest support level, which is located in the $77.00 – $77.50 range.
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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