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Natural Gas, WTI Oil, Brent Oil Forecasts – WTI Oil Tested New Lows
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Key Points:
- Natural gas is moving lower as traders focus on the EIA report.
- WTI oil remains under pressure amid worries about Trump's tariff policy.
- Brent oil moved away from session lows, supported by dovish comments from the ECB.
Natural Gas
Natural gas is losing ground as traders react to the EIA report, which indicated that working gas in storage decreased by -321 Bcf from the previous week.
From the technical point of view, natural gas failed to settle above the resistance at $3.20 – $3.25 and is moving towards the nearest support level at $2.95 – $3.00.
WTI Oil
WTI oil tested new lows as traders remained focused on Donald Trump’s tariff plans, which could hurt demand for oil in the near term.
In case WTI oil declines below the 50 MA at $71.99, it will head towards the strong support level, which is located in the $67.00 – $67.50 range.
Brent Oil
Brent oil rebounded from session lows as some traders were ready to buy the dip after ECB cut rates and signaled that it was ready to provide additional support to the European economy.
Brent oil needs to settle back above the $77.50 level to have a chance to gain sustainable 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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