Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back Despite Fed Rate Cut

Natural Gas

Natural gas is under strong pressure as traders react to the EIA report, which indicated that working gas in storage increased by +90 Bcf from the previous week.

A move below the $2.90 level will push natural gas towards the support at $2.70 – $2.75.

WTI Oil

WTI oil is losing ground as traders focus on Fed decision and Powell’s comments. The rate cut did not provide material support to oil markets as traders worried that the U.S. economy could slow down.

The technical picture remains unchanged as WTI oil needs to settle above the 50 MA at $64.79 to gain additional upside momentum.

Brent Oil

Brent oil is moving lower amid broad pullback in the oil markets. At this point, Brent oil needs additional positive catalysts to settle above the resistance at $67.50 – $68.00.

RSI remains in the moderate territory, so there is plenty of room to gain momentum in the near term.

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