Natural Gas, WTI Oil, and Brent Oil Forecasts: Key Insights Post EIA Report
Natural Gas Forecast
Natural gas pulls back as traders focus on weather forecasts, indicating that demand will be modest in the upcoming days. A successful test of the support at $2.25 – $2.30 will open the way to test the next support level at $2.00 – $2.05.
WTI Oil Analysis
WTI oil is experiencing a pullback as traders react to the EIA report, which noted that crude inventories declined by 1.6 million barrels from the previous week. A move below the $70.00 level may push WTI oil towards the nearest support in the $68.00 – $68.50 range.
Brent Oil Overview
Brent oil is losing ground as traders seem to ignore rising tensions in the Middle East. The market currently does not expect that the situation in Lebanon will lead to significant oil supply disruptions. To gain sustainable upside momentum, Brent oil needs to stay above the $73.00 level.
Economic Calendar Note
For further insights on today’s economic events, please check our economic calendar.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.