Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Markets Retreat From Session Highs
- Natural gas moves higher as EIA report mostly meets analyst estimates.
- WTI oil pulls back as profit-taking follows a strong rally, exacerbated by concerns about rising interest rates.
- Brent oil declined towards the $93.00 level.
Natural gas gains ground as traders react to the EIA report, which showed that working gas in storage increased by 90 Bcf from the previous week.
Demand is expected to be low in the next two weeks, so it remains to be seen whether natural gas prices will manage to climb above the $3.00 level.
WTI oil pulled back as traders took some profits off the table after the strong rally. Worries about rising interest rates put additional pressure on oil markets.
From the technical point of view, WTI oil did not manage to settle above the resistance at $92.50 – $94.00. However, RSI moved back into the moderate territory, so WTI oil has a good chance to gain upside momentum after the current pullback.
Brent oil has also moved lower amid a broad pullback in the oil markets.
The resistance above the $95.00 level has been tested several times and proved its strength. Most likely, Brent oil will need additional catalysts to move closer to the key $100.00 level.
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