Natural Gas and Oil Forecast: WTI Bullish, Upward Trendline Support Near $80.20
Market Overview
Oil prices dropped on Thursday because of a surprise increase in U.S. stockpiles. This raised concerns about reduced demand. U.S. crude oil stockpiles went up by 3.6 million barrels, which was contrary to expectations. Despite this, tensions in the Middle East prevented further price declines.
The unexpected increase in U.S. inventory and a drop in gasoline demand added pressure, while potential disruptions in Middle East supply due to tensions in Gaza provided some support. These factors contribute to uncertainty in both oil and natural gas markets.