Natural Gas Retreats As Traders Focus On EIA Data
Natural gas pulls back as traders react to the EIA Weekly Natural Gas Storage Report. The report indicated that working gas in storage increased by +61 Bcf from the previous week, compared to analyst forecast of +66 Bcf.
At current levels, stocks are -92 Bcf less than last year and +75 Bcf above the five-year average for this time of the year.
Currently, natural gas is trying to settle below the support level at $3.20 – $3.23. In case this attempt is successful, natural gas will head towards the next support, which is located in the $3.00 – $3.03 range. RSI is in the moderate territory, so there is plenty of room to gain downside momentum in case the right catalysts emerge.
On the upside, natural gas needs to settle back above the 50 MA at $3.27 to have a chance to gain upside momentum in the near term. In this case, natural gas will move towards the resistance at $3.40 – $3.43. A successful test of this level will push natural gas towards the $3.60 level.
WTI Oil Is Mostly Flat Ahead Of The Weekend
WTI oil is swinging between gains and losses as traders stay focused on news from the Middle East.
According to recent reports, Iran has once again denied access to UN nuclear inspectors. Iran banned UN nuclear inspectors from work in the country back in June 2025, when its nuclear sites were attacked by U.S. and Israel.
There are no signs indicating that U.S. and Iran are moving towards a comprehensive deal. At the same time, traders are not ready to bet that U.S. will restart the military operation against Iran after Republicans suffered a painful defeat in midterm elections.
Houthis’ attacks on Saudi Arabia have recently provided some support to oil prices, but these attacks were not strong enough to trigger a major rally.
WTI oil needs to settle above the resistance at $87.50 – $88.00 to gain additional upside momentum in the near term. In this case, WTI oil will head towards the $90.00 level. A move above $90.00 will push WTI oil towards the resistance at $91.50 – $92.00.
On the support side, a move below $87.50 will push WTI oil towards the $85.00 level. In case WTI oil settles below $85.00, it will head towards the support level at $83.00 – $83.50.
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See all Natural Gas forecastsBrent Oil Attempts To Settle Above $96.00
Brent oil continues its attempts to settle above the resistance level at $95.50 – $96.00 as traders monitor the situation in the Middle East.
If Brent oil manages to settle above the $96.00 level, it will head towards the next resistance level at $100.00 – $100.50. A move above the $100.50 level will open the way to the test of the 50 MA at $104.13.
On the support side, a move below $95.00 will push Brent oil back towards the support at $91.00 – $91.50. If Brent oil manages to settle below the $91.00 level, it will head towards recent lows near the $89.00 level.
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