Natural Gas, WTI Oil, Brent Oil Forecasts – WTI Oil Dives 2.5% On Profit-Taking

Natural Gas

Natural gas is swinging between gains and losses as traders react to the EIA report, whcih indicated that working gas in storage declined by -258 Bcf from the previous week.

In case natural gas manages to settle above the $4.15 level, it will get to the test of the nearest resistance level, which is located in the $4.25 – $4.30 range.

WTI Oil

WTI oil pulls back as traders take profits after the strong rally, which was triggered by new sanctions on the Russian oil industry.

If WTI oil settles below the $78.50 level, it will move towards the nearest support in the $77.00 – $77.50 range.

Brent Oil

Brent oil is under pressure amid broad pullback in the oil markets. U.S. dollar’s pullback and falling Treasury yields did not provide any support to oil prices in today’s trading session.

From the technical point of view, Brent oil needs to settle back above the resistance at $81.00 – $81.50 to gain upside momentum in the near term.

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