Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats Despite Bullish EIA Data

Natural Gas

Natural gas continues its attempts to settle above the resistance at $2.55 – $2.60 as traders focus on the potential threat from Hurricane Helene.

If natural gas pulls back below the $2.55 level, it will move towards the support at $2.25 – $2.30.

WTI Oil

WTI oil is losing ground as traders react tot the EIA report, which indicated that crude inventories declined by 4.5 million barrels from the previous week. The bullish report did not provide support to oil markets.

In case WTI oil stays below the $70.00 level, it will head towards the nearest support at $68.00 – $68.50.

Brent Oil

Brent oil retreats as traders bet that China’s stimulus measures would not provide sufficient support to oil markets.

A successful test of the support at $72.50 – $73.00 will open the way to the test of the next support level at $69.50 – $70.00.

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