Natural Gas, WTI Oil, Brent Oil Forecasts – WTI Oil Breaks The Psychological $90.00 Barrier

Key Insights

• Natural gas retreats after the EIA report. 
• WTI oil rallied as traders remained focused on production cuts.
• Brent oil extends its month-long rally, even as overbought conditions wave a caution flag.

Natural Gas

Natural gas pulled back as traders reacted to the EIA report, which showed that working gas in storage increased by 57 Bcf from the previous week.

The report exceeded analyst estimates, so natural gas did not manage to settle above the key resistance in the $2.80 – $2.85 range.

WTI Oil

WTI oil moved above the $90.00 level as traders remained focused on supply cuts and rising demand for oil.

From the technical point of view, WTI oil is moving towards the nearest resistance at $92.50 – $94.00.

Brent Oil

Brent oil is also moving higher amid a broad rally in the oil markets. It should be noted that Brent oil did not experience any material pullback for a month.

RSI is in the overbought territory, so the risks of a pullback are growing. At the same time, the current trend is strong as the fundamental picture stays bullish.

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