Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Markets Test Weekly Highs

Natural Gas

Natural gas pulled back from session highs as traders reacted to the EIA report, which showed that working gas in storage declined by -3 Bcf from the previous week.

If natural gas pulls back below the support at $3.20 – $3.25, it will move towards the next support level, which is located in the $3.00 – $3.05 range.

WTI Oil

WTI oil tested new highs as traders focused on rising geopolitical tensions. The strong U.S. job market data provided additional support to oil markets.

If WTI oil settles above the 50 MA at $70.68, it will head towards the next resistance level at $72.00 – $72.50.

Brent Oil

Brent oil is trying to settle above the $74.00 level amid broad rally in the oil markets.

A move above the 50 MA at $74.33 will push Brent oil towards the resistance at $77.00 – $77.50.

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