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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests New Highs As Distillate Fuel Inventories Decrease By 4 Million

By:
Vladimir Zernov
Published: Feb 22, 2024, 18:06 UTC

Key Points:

  • Natural gas retreats as working gas in storage declined by 60 Bcf, compared to analyst consensus of -64 Bcf.
  • WTI oil gains ground as EIA report indicated that distillate fuel inventories decreased by 4 million barrels.
  • Brent oil tests resistance at $83.50 - $84.50.
Natural Gas, WTI Oil, Brent Oil Forecasts

In this article:

Natural Gas

Natural Gas
Natural Gas 220224 Daily Chart

Natural gas pulls back as traders react to the EIA Weekly Natural Gas Storage report, which indicated that working gas in storage declined by 60 Bcf from the previous week.

From the technical point of view, natural gas needs to stay above the support at $1.60 – $1.65 to have a chance to gain upside momentum in the near term.

WTI Oil

WTI Oil
WTI Oil 220224 Daily Chart

WTI oil tests new highs as traders focus on the EIA report, which indicated that crude inventories increased by 3.5 million barrels. Total motor gasoline inventories declined by 0.3 million barrels from the previous week.

A successful test of the resistance at $79.00 – $80.00 will push WTI oil towards the next resistance at $85.50 – $86.50.

Brent Oil

Brent Oil
Brent Oil 220224 Daily Chart

Brent oil is moving higher as traders focus on the EIA data, which showed that distillate fuel inventories decreased by 4 million barrels from the previous week.

Brent oil has a good chance to settle above the strong resistance at $83.50 – $84.50 after a period of consolidation.

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

About the Author

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.

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