Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Gains Some Ground Despite Rising Inventories

Natural Gas

Natural gas tested new lows as traders reacted to bearish changes in weather forecasts.

From the technical point of view, natural gas settled below the previous support at $3.35 – $3.40 and is moving towards the next support level at $3.05 – $3.10.

WTI Oil

WTI oil gained some ground as traders reacted to the EIA report, which indicated that crude inventories increased by +7.1 million barrels from the previous week.

If WTI oil climbs above the $69.00 level, it will head towards the resistance level at $71.50 – $72.00.

Brent Oil

Brent oil moved higher as traders remained focused on bullish demand outlook.

A successful test of the resistance at $71.00 – $71.50 will push Brent oil towards the next resistance level at $75.00 – $75.50.

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