Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rallies As Crude Inventories Fall

Natural Gas

Natural gas is under strong pressure as Freeport LNG restart did not provide sufficient support to the market.

A successful test of the support at $2.00 – $2.05 will open the way to the test of the next support level at $1.75 – $1.80.

WTI Oil

WTI oil rallies as traders react to the EIA report, which indicated that crude inventories declined by 4.9 million barrels.

In case WTI oil settles above the $82.50 level, it will head towards the nearest resistance, which is located in the $83.50 – $84.50 range.

Brent Oil

Brent oil gains ground, supported by the EIA data. It looks that traders are ready to shrug off worries about the problems of the Chinese economy.

A move above the $85.00 level will provide Brent oil with an opportunity to gain additional upside momentum.

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