Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back From Session Highs As Traders Focus On EIA Data

Natural Gas

Natural gas retreats as traders react to the EIA Weekly Natural Gas Storage Report. The report indicated that working gas in storage increased by 42 Bcf from the previous week, compared to analyst forecast of +43 Bcf.

The technical picture remains unchanged despite the strong pullback as natural gas is stuck in a range between the support at $2.75 – $2.80 and the resistance at $3.00 – $3.05.

WTI Oil

WTI oil moved away from session highs as traders reacted to the EIA report, which showed that crude inventories increased by 2.1 million barrels from the previous week.

In case WTI oil settles below the nearest support level at $67.00 – $67.50, it will move towards the next support level at $63.50 – $64.00.

Brent Oil

Brent oil has also pulled back from session highs after the release of the EIA data.

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

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