Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Attempts To Rebound As Crude Inventories Fall

Natural Gas

Natural gas remains under pressure as traders focus on high production levels. The current demand for natural gas is moderate, which is bearish for natural gas markets.

From the technical point of view, natural gas is moving towards the nearest support level at $2.00 – $2.05.

WTI Oil

WTI oil is trying to rebound as traders react to the EIA report, which indicated that crude inventories declined by 3.7 million barrels from the previous week.

In case WTI oil manages to settle above the $78.00 level, it will head towards the resistance at $79.00 – $80.00.

Brent Oil

Brent oil gains some ground, supported by the encouraging EIA report. However, worries about China’s economic problems continue to put pressure on the oil markets.

A move above the $82.00 level will open the way to the test of the 50 MA at $83.47.

For a look at all of today’s economic events, check out our economic calendar.