Natural Gas, WTI Oil, Brent Oil Forecasts – WTI Oil Gains Ground As Gasoline Inventories Drop

Key Insights

• Natural gas declined below the key $2.00 level. 
• WTI oil moved higher as traders reacted to the EIA report. 
• Brent oil gained ground as Israel’s Netanyahu rejected ceasefire proposal. 

Natural Gas

Natural gas slipped below the $2.00 level as traders remained focused on disappointing weather forecasts. Demand is expected to be low in the upcoming days.

In case natural gas manages to settle below the support at $1.95 – $2.00, it will move towards the next support level at $1.60 – $1.65.

WTI Oil

WTI oil continues to rebound as traders react to the EIA report, which showed that gasoline inventories declined by 3.1 million barrels.

A move above the $74.00 level will open the way to the test of the nearest resistance at $79.00 – $80.00.

Brent Oil

Brent oil is trying to climb back above the $79.00 level as the rebound continues. Israeli Prime Minister Benjamin Netanyahu has rejected the proposal from Hamas and noted that victory was within reach. His words may provide additional support to oil markets.

In case Brent oil settles above the psychologically important $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.