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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats As Traders Focus On The EIA Report
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Key Points:
- Natural gas pulled back after the release of the EIA report.
- WTI oil moved lower despite falling crude inventories.
- Brent oil declined towards the $64.00 level.
Natural Gas
Natural gas pulled back as traders reacted to the EIA report, which indicated that working gas in storage increased by +101 Bcf from the previous week.
A move below the $3.50 level will push natural gas towards the support level at $3.35 – $3.40.
WTI Oil
WTI oil is losing ground as traders react to the EIA report, which showed that crude inventories decreased by -2.8 million barrels from the previous week.
If WTI oil settles below the $60.00 level, it will move towards the support level at $57.50 – $58.00.
Brent Oil
Brent oil lost momentum and pulled back towards the $64.00 level. From a big picture point of view, Brent oil stays range-bound.
In case Brent oil manages to settle below the $64.00 level, it will head towards the support level at $62.00 – $62.50.
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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