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Natural Gas, WTI Oil, Brent Oil Forecasts – WTI Oil Dives 2.5% On Profit-Taking
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Key Points:
- Natural gas is mostly flat as traders react to the EIA report.
- WTI oil pulled back below the $79.00 level as traders took profits off the table after the strong rally.
- Brent oil declined towards the $81.00 level.
Natural Gas
Natural gas is swinging between gains and losses as traders react to the EIA report, whcih indicated that working gas in storage declined by -258 Bcf from the previous week.
In case natural gas manages to settle above the $4.15 level, it will get to the test of the nearest resistance level, which is located in the $4.25 – $4.30 range.
WTI Oil
WTI oil pulls back as traders take profits after the strong rally, which was triggered by new sanctions on the Russian oil industry.
If WTI oil settles below the $78.50 level, it will move towards the nearest support in the $77.00 – $77.50 range.
Brent Oil
Brent oil is under pressure amid broad pullback in the oil markets. U.S. dollar’s pullback and falling Treasury yields did not provide any support to oil prices in today’s trading session.
From the technical point of view, Brent oil needs to settle back above the resistance at $81.00 – $81.50 to gain upside momentum in the near term.
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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