Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rallies As Crude Inventories Miss Analyst Estimates

Natural Gas

Natural gas is mostly flat as traders wait for the EIA report, which will be released tomorrow. Current demand for natural gas remains low, which is bearish for natural gas markets.

If natural gas declines below the $2.80 level, it will head towards the support at $2.70 – $2.75.

WTI Oil

WTI oil gains ground as traders react to the EIA Weekly Petroleum Status Report, which showed that crude inventories declined by -0.6 million barrels, compared to analyst forecast of +0.8 million barrels.

If WTI oil settles above the 50 MA at $64.49, it will head towards the next resistance at $71.50 – $72.00.

Brent Oil

Brent oil tests new highs as traders react to the bullish EIA report. Gasoline inventories declined by -1 million barrels, compared to analyst consensus of +0.4 million barrels.

In case Brent oil manages to settle above the $69.00 level, it will head towards the resistance level at $71.00 – $71.50.

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