Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back As Gasoline Inventories Rise

Natural Gas

Natural gas is mostly flat as traders wait for tomorrow’s EIA report, which is expected to show that working gas in storage increased by +112 Bcf.

If natural gas climbs above the $3.75 level, it will move towards the nearest resistance at $3.85 – $3.90.

WTI Oil

WTI oil pulled back as traders reacted to the EIA report, which indicated that crude inventories declined by -4.3 million barrels from the previous week. Gasoline inventories increased by +5.2 million barrels, exceeding analyst expectations.

In case WTI oil manages to settle above the $63.00 level, it will head towards the resistance level at $66.00 – $66.50.

Brent Oil

Brent oil has also moved lower as traders took profits off the table after the recent rebound.

A move below the $64.00 level will open the way to the test of the support at $62.00 – $62.50.

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