Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests New Lows As Traders Focus On Rising Treasury Yields

Natural Gas

Natural gas retreats as traders react to the EIA report, which showed that working gas in storage increased by 78 Bcf from the previous week, compared to analyst consensus of +84 Bcf. Most likely, the pullback is driven by profit-taking.

If natural gas settles below the $2.65 level, it will head towards the support at $2.45 – $2.50.

WTI Oil

WTI oil remains under pressure as traders focus on rising Treasury yields and worry about oil demand.

A move below the $76.00 level will lead to the test of the support at $74.50 – $75.50.

Brent Oil

Brent oil  tests new lows amid a broad pullback in the oil markets, which is driven by demand worries.

A successful test of the support at $80.00 – $81.00 will push Brent oil towards the support at $76.00 – $77.00.

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