Forecasts for Natural Gas, WTI Oil, Brent Oil – Oil tests new lows as traders focus on rising Treasury yields

FXEmpire.com –

Natural gas

Natural Gas 230524 Daily Chart

Natural gas retreats as traders react to the EIA report, which showed working gas in storage rose 78 Bcf from the previous week, compared to the analyst consensus of +84 Bcf. Most likely, the pullback is driven by profit taking.

If natural gas settles below the $2.65 level, it will head towards support at $2.45 – $2.50.

WTI oil

WTI Oil Daily Chart 230524

WTI remains under pressure as traders focus on rising Treasury yields and worry about oil demand.

A move below the $76.00 level will see support tested at $74.50 – $75.50.

Brent oil

Brent Oil 230524 Daily Chart

Brent oil is testing new lows amid a broad pullback in oil markets that is being driven by demand concerns.

A successful test of the $80.00-$81.00 support will push Brent oil towards the $76.00-$77.00 support.

To see all of today’s economic events, see our economic calendar.

This article was originally posted on FX Empire

More from FXEMPIRE:

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