Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats As Crude Inventories Rise By 3.6 Million Barrels

Natural Gas

Natural gas pulled back from session highs as traders rushed to take profits after the huge rally.

In case natural gas pulls back below the $4.95 level, it will move towards the nearest support, which is located in the $4.00 – $4.05 range.

WTI Oil

WTI oil is under pressure as traders react to the EIA report. The report indicated that crude inventories increased by 3.6 million barrels from the previous week, compared to analyst forecast of +1.1 million barrels.

If WTI oil pulls back below the 50 MA at $58.54, it will move towards the support level, which is located in the $55.50 – $56.00 range.

Brent Oil

Brent oil is under pressure as traders focus on rising crude inventories in the U.S. and take profits after the recent rally.

If Brent oil settles below the $64.00 level, it will move towards the 50 MA at $62.57.

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