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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Prices Rebound After Sell-Off

FXEmpire.com -

Key Insights

  • Natural gas gains ground amid profit-taking. 
  • WTI oil rebounds as traders react to the EIA report. 
  • Brent oil moved towards the $74.00 level. 

Natural Gas

Natural Gas 131223 Daily Chart

Natural gas is moving higher as traders take some profits off the table after the recent move.

The nearest resistance level for natural gas is located in the $2.40 – $2.45 range. It remains to be seen whether natural gas will settle above $2.45 as weather forecasts stay bearish.

WTI Oil

WTI Oil 131223 Daily Chart

WTI oil rebounds after yesterday’s sell-off which was triggered by demand concerns. EIA report showed that crude inventories declined by 4.3 million barrels, compared to analyst consensus of -0.65 million.

In case WTI oil settles above $69.00, it will move towards the recent highs near the $72.00 level.

Brent Oil

Brent Oil 131223 Daily Chart

Brent oil is also moving higher as traders bet on a rebound near a strong support level.

The support at $71.75 – $73.00 has been tested many times in March, May, and June. Most likely, Brent oil wil need significant catalysts to settle below the $71.75 level.

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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