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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Moves Higher On Trade Talk Optimism
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Key Points:
- Natural gas markets were volatile as traders reacted to the EIA report.
- WTI oil moved higher as U.S. and China agreed to continue trade talks.
- Brent oil climbed back above the $65.00 level.
Natural Gas
Natural gas made an attempt to settle below the support at $3.60 – $3.65 as traders reacted to the EIA report, which showed that working gas in storage increased by +122 Bcf from the previous week.
A move below the $3.60 level will push natural gas towards the support at $3.40 – $3.60.
WTI Oil
WTI oil gained ground as U.S. and China agreed to continue trade talks after a phone call between U.S. President Trump and China’s leader Xi.
In case WTI oil moves above the $64.00 level, it will head towards the next resistance at $66.00 – $66.50.
Brent Oil
Brent oil moved higher as traders focused on the continuation of trade talks between the world’s biggest economies.
The technical picture remained unchanged as Brent oil needs to settle above the 50 MA at $65.60 to gain momentum and test the resistance at $67.00 – $67.50.
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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