Natural Gas, WTI Oil, Brent Oil Forecasts – WTI Oil Rebounds As GDP Growth Rate Exceeds Expectations

Natural Gas

Natural gas  tests support at $2.00 – $2.05 as traders react to the bearish EIA report, which showed that working gas in storage increased by 22 Bcf from the previous week.

A move below the $2.00 level will push natural gas towards the next support at $1.80 – $1.85.

WTI Oil

WTI oil rebounds from multi-week lows, supported by strong U.S. GDP Growth Rate data. The U.S. economy remains in decent shape, which is bullish for oil markets.

If WTI oil settles back above the $78.00 level, it will head towards the resistance at $79.00 – $80.00.

Brent Oil

Brent oil gains ground as traders bet that U.S. demand will provide sufficient support to oil markets.

In case Brent oil settles back above the $81.50 – $82.00 level, it will head towards the 50 MA at $83.44.

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