Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back On Profit-Taking

Key Insights

• Natural gas moved higher after EIA report. 
• WTI oil declined despite bullish EIA data. 
• Brent oil settled near the $90.00 level. 

Natural Gas

Natural gas rebounds as traders react to the EIA Weekly Natural Gas Storage report, which showed that working gas in storage increased by 33 Bcf from the previous week.

From the technical point of view, natural gas did not manage to get back above the resistance at $2.60 – $2.65.

WTI Oil

WTI oil pulled back after the release of the EIA report, which showed that crude inventories decreased by 6.3 million barrels from the previous week. It looks that profit-taking was the main catalyst for the pullback.

In case WTI oil settles back below the $86.00 level, it may gain additional downside momentum.

Brent Oil

Brent oil has also moved lower due to profit-taking. Currently, Brent oil settled near the psychologically important $90.00 level.

RSI remains in the overbought territory, so Brent oil needs material positive catalysts to move higher without a pullback.

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