Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats As OPEC+ May Raise Output In June

Natural Gas

Natural gas is mostly flat as traders are not ready for big moves ahead of the EIA report, which will be released tomorrow.

In case natural gas manages to settle back above the support at $3.05 – $3.10, it will head towards the resistance level at $3.35 – $3.40.

WTI Oil

WTI oil pulls back as traders react to the EIA report, which indicated that crude inventories increased by +0.2 million barrels from the previous week.

A move below the $62.00 level will push WTI oil towards the psychologically important $60.00 level.

Brent Oil

Brent oil is moving lower amid reports indicating that OPEC+ could raise oil production in June.

RSI is in the moderate territory, and there is plenty of room to gain additional downside momentum in the near term.

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