Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Markets Pull Back After EIA Report

Key Insights

• Natural gas prices retreat, influenced by bearish weather forecasts suggesting a dip in demand later this month.
• WTI oil experiences a pullback as traders take profits after the release of the EIA report, which noted a 4 million barrel inventory rise.
• Brent oil too dials back, though the fundamental narrative remains bullish with rising demand and OPEC+ supply cuts.

Natural Gas

Natural gas pulled back as traders focused on the bearish changes in weather forecasts. Demand for natural gas is expected to be low in the second half of the month.

If natural gas pulls back below the $2.60 – $2.65 level, it will head towards the support at $2.35 – $2.40.

WTI Oil

WTI oil pulled back from session highs as traders took some profits off the table after the release of the EIA report, which showed that crude inventories increased by 4 million barrels.

From the technical point of view, a minor pullback looks healthy as WTI oil is trading at multi-month highs.

Brent Oil

Brent oil  has also moved lower amid profit-taking. The fundamental picture remains bullish as oil demand is rising while OPEC+ cuts production.

RSI is in the overbought territory, so oil markets may be sensitive to any news that could be interpreted as bearish.

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