Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back As Traders Focus On The EIA Report

Natural Gas

Natural gas is losing ground as traders take profits after the recent move. Weather forecasts indicate that demand will stay moderate in the upcoming days, which may provide some support to the market.

A move above the 50 MA at $3.14 will push natural gas towards the resistance level at $3.25 – $3.30.

WTI Oil

WTI oil pulled back as traders reacted to the EIA report, which indicated that crude inventories declined by -9.3 million barrels from the previous week.

In case WTI oil manages to settle abvoe the 50 MA at $64.86, it will head towards the resistance at $66.00 – $66.50.

Brent Oil

Brent oil continues its attempts to settle above the resistance level, which is located in the $67.50 – $68.00 range.

In case Brent oil settles above $68.00, it will move towards the resistance level at $71.00 – $71.50.

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