Natural Gas, WTI Oil, and Brent Oil Forecasts Amid EIA Data Reactions

Wednesday, 21 August 2024, 12:02

Natural Gas, WTI Oil, and Brent Oil forecasts reveal crucial market movements as WTI oil tests $72.00. Traders react to declining crude inventories, impacting oil prices.
FX Empire
Natural Gas, WTI Oil, and Brent Oil Forecasts Amid EIA Data Reactions

Market Overview of Natural Gas

Natural gas pulls back as traders prepare for the impending EIA report. Technically, natural gas remains trapped between critical support at $2.00 - $2.05 and resistance at $2.25 - $2.30.

WTI Oil Update

WTI oil is testing new lows, responding sharply to the recent EIA report that indicated crude inventories decreased by 4.6 million barrels. If WTI oil settles below $72.00, it could face further declines towards support in the $68.00 - $69.00 range.

Brent Oil Insights

Brent oil is losing ground as traders concentrate on geopolitical tensions, particularly regarding Gaza ceasefire negotiations, which have become a significant bearish influence. A drop beneath $75.00 will facilitate a test of support at $72.50 - $73.50.

Economic Calendar

For a comprehensive view of today’s economic events, visit 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.


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