Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rebounds From Session Lows As Traders Focus On EIA Report

By:

Vladimir Zernov

Published: Nov 6, 2024, 18:40 GMT+00:00

Key Points:

Natural gas gains ground as traders react to Trump's victory.
WTI oil managed to rebound from session lows as traders digested the EIA report.
Brent oil moved back above the $75.00 level.

Natural Gas

Natural Gas 061124 Daily Chart

Natural gas gains ground as traders focus on the hurricane in the Gulf of Mexico and react to the results of U.S. presidential election.

A successful test of the resistance at $2.75 – $2.80 will push natural gas towards the next resistance level at $3.00 – $3.05.

WTI Oil

WTI Oil 061124 Daily Chart

WTI oil rebounded from session lows as traders focused on the EIA report, which showed that crude inventories increased by 2.1 million barrels from the previous week.

A move above the $72.50 level will open the way to the test of the next resistance level at $77.00 – $77.50.

Brent Oil

Brent Oil 061124 Daily Chart

Brent oil has also managed to rebound from session lows. While many analysts believe that a Trump presidency could be bearish for oil markets as he will encourage domestic production, oil traders stay bullish in the near term.

If Brent oil stays above the $75.00 level, it will move towards the resistance at $77.00 – $77.50.

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.