Natural Gas and Oil Forecast: Brent Eyes $66.80 Resistance – Is a Bullish Breakout Ahead?

Oil prices took a tumble mid-week as the prospect of a 1.7m barrel increase in US crude stocks basically trumped any short-term supply woes in Central Asia and Ongoing Geopolitical tensions that have been causing a ruckus. Earlier on, we saw prices creep up somewhat due to short-term outages at key oil fields, but let’s be real, markets are still fixated on these US stockpiles and were in for a bit of an update later this week from the industry and government figures.

The usual geopolitical uncertainty is still keeping oil & gas prices shored up – all thanks to global trade, Energy security, and the state of our LNG routes. Analysts, though, reckon that unless we see a real escalation of these tensions, it’s all going to come down to the US inventory levels and demand signals.