Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Prices Stabilize As Traders Focus On EIA Data

Natural Gas

Natural gas moved below the support at $3.60 – $3.65 and is trying to settle below the $3.50 level as traders wait for the EIA report, which will be released tomorrow.

If natural gas settles below $3.50, it will move towards the next support level at $3.35 – $3.40.

WTI Oil

WTI oil attempts to rebound after the strong sell-off as traders react to the EIA report. The report showed that crude inventories declined by -5.8 million barrels from the previous week, compared to analyst forecast of -0.75 million.

From the technical point of view, WTI oil needs to climb above the $66.50 level to have a chance to gain upside momentum in the near term.

Brent Oil

Brent oil found some support near the $68.00 level as the market stabilized after the major pullback.

A move below the support at $67.50 – $68.00 will provide Brent oil with a chance to gain additional downside momentum.

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