Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back As Traders Focus On OPEC+ Production Boost

Natural Gas

Natural gas pulled back as traders reacted to the EIA report, which showed that working gas in storage increased by +55 Bcf from the previous week.

A successful test of the support at $3.35 – $3.40 will open the way to the test of the next support level at $3.05 – $3.10.

WTI Oil

WTI oil pulled back as traders focused on rising Treasury yields and stronger U.S. dollar.

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

Brent Oil

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

If Brent oil pulls back below the $67.50 level, it will head towards the 50 MA at $66.67.

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