Natural Gas, WTI Oil, Brent Oil Forecasts – WTI Oil Gains Ground As Crude Inventories Decrease By 4.2 Million Barrels

Natural Gas

Natural gas pulled back from session highs as traders reacted to the EIA report, which showed that working gas in storage declined by -93 Bcf from the previous week, compared to analyst forecast of -99 Bcf.

If natural gas declines below the $3.20 – $3.25 level, it will head towards the next support at $3.00 – $3.05.

WTI Oil

WTI oil gains ground as traders focus on the EIA report, which indicated that crude inventories declined by 4.2 million barrels from the previous week.

A move above the $70.50 level will push WTI oil towards the nearest resistance level, which is located in the $72.00 – $72.50 range.

Brent Oil

Brent oil is moving towards the $74.00 level as traders stay bullish after the release of the EIA data.

From the technical point of view, Brent oil needs to climb above the psychologically important $75.00 level to gain additional upside momentum in the near term.

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