Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back As Crude Inventories Rise By 2.4 Million Barrels

Natural Gas

Natural gas moved higher as traders reacted to the EIA Weekly Natural Gas Storage report, which indicated that working gas in storage increased by +55 Bcf from the previous week.

If natural gas settles above the $3.10 level, it will head towards the resistance at $3.25 – $3.30.

WTI Oil

WTI oil is losing some ground as traders react to the EIA Weekly Petroleum Status report, which showed that crude inventories increased by +2.4 million barrels from the previous week.

A move below the $62.00 level will push WTI oil towards the support at $60.00 – $60.50.

Brent Oil

Brent oil pulls back as traders remain worried that OPEC+ will agree to boost production at the meeting on Sunday.

If Brent oil stays below the $67.00 level, it will head towards August lows near $65.00.

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