Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests New Highs As Gasoline Inventories Decline

Vladimir Zernov
Published: Apr 3, 2024, 18:12 UTC

Key Points:

  • Natural gas pulls back on profit-taking.
  • WTI oil gained some ground as traders reacted to the EIA report.
  • Brent oil made an attempt to settle above the $90.00 level.
Natural Gas, WTI Oil, Brent Oil Forecasts

In this article:

Natural Gas

Natural Gas
Natural Gas 030424 Daily Chart

Natural gas pulls back as traders take some profits off the table after the recent rebound. The weather is expected to get warmer soon, which is bearish for natural gas markets.

From a big picture point of view, natural gas needs significant positive catalysts to settle above the nearest resistance at $1.95 – $2.00.


WTI Oil 030424 Daily Chart

WTI oil tested new highs as traders reacted to the EIA Weekly Petroleum Status report. The report indicated that crude inventories increased by 3.2 million barrels from the previous week, while gasoline inventories declined by 4.3 million barrels. Strategic Petroleum Reserve increased from 363.1 million barrels to 363.6 million barrels.

It remains to be seen whether WTI oil is ready to climb above the resistance at $85.50 – $86.50 without a pullback as RSI is in the overbought territory.

Brent Oil

Brent Oil
Brent Oil 030424 Daily Chart

Brent oil has also gained some ground as rally continued. Traders expect that demand for oil will increase in the upcoming months.

A successful test of the $90.00 level will push Brent oil towards the next resistance at $95.00 – $96.00.

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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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