UNG

Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Dives As U.S. Gasoline Stocks Rise

FXEmpire.com -

Key Insights

  • Natural gas moved below the $2.60 level due to mild weather forecasts. 
  • WTI oil settled below $70.00 as traders reacted to the EIA report. 
  • Brent oil tested new lows amid demand worries. 

Natural Gas

Natural Gas 061223 Daily Chart

Natural gas tested new lows as traders remained focused on bearish weather forecasts.

If natural gas stays below the $2.60 level, it will head towards the support at $2.40 – $2.45.

WTI Oil

WTI Oil 061223 Daily Chart

WTI oil suffered a sell-off as EIA report indicated that gasoline inventories increased by 5.4 million barrels.

If WTI oil settles below the $70.00 level, it will head towards the nearest support at $67.50 – $68.50.

Brent Oil

Brent Oil 061223 Daily Chart

Brent oil  tested new lows as traders remained worried about the strength of demand for oil.

A move below the $74.00 level will open the way to the test of the support at $71.75 – $73.00.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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