Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Gains Ground As Traders React To EIA Report

Natural Gas

Natural gas gains ground as traders focus on strong LNG demand and evaluate weather forecasts.

In case natural gas manages to settle above the resistance at $4.25 – $4.30, it will head towards the next resistance level at $4.60 – $4.65.

WTI Oil

WTI oil rebounds after yesterday’s pullback as traders react to the EIA report, which indicated that crude inventories increased by 1.7 million barrels from the previous week.

The technical picture remains unchanged as WTI oil is stuck near the support level at $67.00 – $67.50.

Brent Oil

Brent oil is also moving higher as traders focus on the EIA data. From a big picture point of view, oil markets need additional catalysts to get out of the current trading range.

RSI is in the moderate territory, so there is plenty of room to gain momentum in case Brent oil settles above the resistance at $71.00 – $71.50.

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