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WTI Crude Oil and Natural Gas Forecast - 3 May 2018

By Christopher Lewis
Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.

WTI Crude Oil

The WTI Crude Oil market initially fell during the day on Wednesday, as we got a higher-than-expected inventory build. However, a less than exciting statement from the FOMC sent the US dollar a bit lower. This put bullish pressure on the oil markets, and we of course when higher as a result. All things being equal, we are still very much in consolidation, so I don’t think much is changed. As we head into the Thursday session, most eyes will be on the jobs number coming out of America, so I don’t expect much for the session. I believe that the $67 level underneath continues to offer a floor, while the $69 level would offer a resistance barrier. Short-term pullbacks should continue to be opportunities to pick up little bits and pieces as far as positions are concerned, but I’m not looking for a major move between now and the jobs figure.

Crude oil

Natural Gas

Natural gas markets fell heavily during the session on Wednesday, losing over 1.5% during the day. The market continues to respect to the $2.80 level as resistance, and I think that we are going to continue to struggle to break above there. I anticipate that today will probably see a short-term bounce, but it should be and I selling opportunity. Ultimately, I believe that the market breaking above the $2.82 level could send this market much higher in a shorter-term momentum type of trade, but beyond that I think most rallies are going to end up being selling opportunities. I believe that the $2.60 level underneath is massive support that extends down to the $2.50 level, and it will be visited again based upon the oversupply of natural gas.

Natural gas

Christopher Lewis
Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.

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