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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests Multi-Month Highs As Crude Inventories Decline
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Key Points:
- Natural gas is trying to settle above the $4.00 level.
- WTI oil tested the $80.00 level as traders reacted to the EIA report.
- Brent oil attempts to settle above the resistance at $81.00 - $81.50.
Natural Gas
Natural gas gains ground as traders stay focused on weather forecasts and bet that cold weather will provide sufficient support to the market.
In case natural gas stays above the $4.00 level, it will move towards the next resistance level at $4.25 – $4.30.
WTI Oil
WTI oil tests new highs as traders focus on the EIA report, which indicated that crude inventories declined by 2.0 million barrels from the previous week.
If WTI oil climbs above the resistance at $80.00 – $80.50, it will head towards the next resistance level, which is located in the $84.00 – $84.50 range.
Brent Oil
Brent oil tests resistance at $81.00 – $81.50 amid broad rally in the oil markets. The recent sanctions on Russia continue to provide significant support to Brent oil.
A move above the $81.50 level will push Brent oil towards the next resistance level at $84.00 – $84.50.
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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