Natural Gas
Natural gas tested new lows as traders reacted to the EIA report, which indicated that working gas in storage increased by +88 Bcf from the previous week.
A move below the $2.90 level will push natural gas towards the support level at $2.70 – $2.75.
WTI Oil
WTI oil gains some ground but traders stay cautious amid reports indicating that OPEC+ may raise output in June.
From the technical point of view, WTI oil needs to settle above the resistance at $62.50 – $63.00 to gain sustainable upside momentum in the near term.
Brent Oil
Brent oil has also managed to gain some ground after yesterday’s pullback. From a big picture point of view, oil traders are waiting for additional catalysts.
A move above the $67.50 level will provide Brent oil with an opportunity to gain upside momentum.
Natural Gas Price Forecast
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