Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Is Flat As Traders Stay Focused On Fed Policy Outlook

Natural Gas

Natural gas rebounds as traders react to the EIA report, which indicated that working gas in storage increased by 10 Bcf from the previous week, compared to analyst consensus of +28 Bcf.

A move above the $2.15 level will open the way to the test of the resistance at $2.25 – $2.30.

WTI Oil

WTI oil is mostly flat in a volatile trading session. Traders hope that Fed will start cutting rates soon, which is bullish for oil markets.

In case WTI oil climbs above the resistance at $83.50 – $84.50, it will head towards the next resistance level, which is located in the $87.00 – $87.50 range.

Brent Oil

Brent oil gains some ground as traders wait for additional catalysts. Today, ECB left the interest rate unchanged but signaled it could cut rates again this year, providing some support to oil markets.

If Brent oil stays above the $85.00 level, it will have a chance to gain additional upside momentum. RSI is in the moderate territory, so there is plenty of room to gain momentum in case the right catalysts emerge.

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