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

Natural Gas

Natural gas continued to rebound from recent lows as traders reacted to colder weather forecasts.

A move above the $3.40 level will open the way to the test of the resistance at $3.55 – $3.60.

WTI Oil

WTI oil moved higher as traders focused on the EIA report, which indicated that crude inventories declined by 0.9 million barrels from the previous week, compared to analyst forecast of -1.7 million barrels.

In case WTI oil settles above the $71.00 level, it will head towards the nearest resistance level at $72.00 – $72.50.

Brent Oil

Brent oil managed to gain some ground, although traders remained cautious ahead of Fed decision.

From the technical point of view, Brent oil needs to settle above the 50 MA at $73.68 to have a chance to gain sustainable upside momentum in the near term.

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