Natural Gas, WTI Oil, Brent Oil Forecasts – WTI Oil Gains Ground As Crude Inventories Decline

Key Insights

• Natural gas tests support at $2.70 as traders focus on warm weather forecasts. 
• WTI oil gains ground after EIA report. 
• Brent oil is moving higher as IEA upgraded its oil demand forecast. 

Natural Gas

Natural gas pulls back despite EIA report, which showed that working gas in storage declined by 154 Bcf from the previous week.

If natural gas settles below the $2.70 level, it will move towards the next support at $2.45 – $2.50.

WTI Oil

WTI oil gained ground after EIA report indicated that crude inventories declined by 2.5 million barrels.

A move above the $74.00 level will push WTI oil towards the next resistance at $79.00 – $80.00.

Brent Oil

Brent oil climbed towards the $79.00 level as traders focused on the IEA report, which showed that oil demand would grow by 1.24 million bpd in 2024.

If Brent oil climbs above the $80.00 level, it will move towards the resistance at $83.50 – $84.50.

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