Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Gains 1.7% As Rebound Continues

Natural Gas

Natural gas gains some ground despite the bearish EIA report, which indicated that working gas in storage increased by 98 Bcf from the previous week.

A successful test of the resistance at $2.80 – $2.85 will push natural gas towards the next resistance level at $3.02 – $3.09.

WTI Oil

WTI oil continues to rebound after the previous sell-off as traders react to the rate cut from the ECB. OPEC+ ministers noted that the production agreement could be tweaked if necessary, providing addiitonal support to oil markets.

In case WTI oil climbs back above the $75.50 level, it will head towards the next resistance, which is located in the $79.00 – $80.00 range.

Brent Oil

Brent oil moved back towards the $80.00 level amid a broad rebound in the oil markets.

In case Brent oil manages to settle back above the resistance at $80.00 – $81.00, it will head towards the next resistance level at $84.50 – $85.00.

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