Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Is Mostly Flat As Traders Focus On The EIA Report

Natural Gas

Natural gas is losing ground as traders react to the EIA Weekly Natural Gas Storage Report, which indicated that working gas in storage increased by +76 Bcf from the previous week.

The market sentiment remains bearish after the successful test of the support at $2.40 – $2.45, and natural gas needs significant positive catalysts to break the current trend.

WTI Oil

WTI oil is mostly flat as traders focus on the EIA Weekly Petroleum Status Report, which showed that crude inventories declined by 2.2 million barrels from the previous week.

If WTI oil settles above the $71.00 level, it will head towards the nearest resistance, which is located in the $72.00 – $72.50 range.

Brent Oil

Brent oil is swinging between gains and losses as traders react to the EIA data, which showed that U.S. domestic oil production increased from 13.4 million bpd to 13.5 million bpd.

A move above the $75.00 level will open the way to the test of the resistance at $77.00 – $77.50.

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