Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rebounds From Session Lows As Crude Inventories Decline
- Natural gas retreats as traders focus on weather.
- WTI oil moved away from session lows as traders reacted to the EIA report.
- Brent oil climbed back above the $94.00 level.
Natural gas pulled back amid worries about bearish weather forecasts. The current demand for natural gas is low, which is bearish for natural gas markets.
From the technical point of view, natural gas failed to settle above the resistance at $2.80 – $2.85 and remains range-bound.
WTI oil rebounded from session lows as traders reacted to the EIA report, which showed that crude inventories declined by 2.1 million barrels from the previous week.
WTI oil pulled back from recent highs as traders took some profits off the table. The near-term dynamics will depend on the reaction to the Fed decision.
Brent oil has also moved away from session lows. The EIA report showed that Strategic Petroleum Reserve increased from 350.6 million to 351.2 million, so U.S. continued to purchase oil for reserves.
The presence of a strong buyer provides additional support to oil markets. However, RSI remains in the overbought territory, and it remains to be seen whether Brent oil will be able to test new highs in the near term.
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