Natural Gas, WTI Oil, Brent Oil Forecasts – WTI Oil Rebounds From Multi-Month Lows

Natural Gas

Natural gas rebounds after yesterday’s sell-off as traders focus on hot weather in the near term.

The nearest resistance level for natural gas is located in the $2.80 – $2.85 range. A move above $2.85 will push natural gas towards the resistance at $3.02 – $3.09.

WTI Oil

WTI oil rebounds from multi-month lows as traders react to the EIA report, which indicated that crude inventories increased by 1.2 million barrels from the previous week. Strategic Petroleum Reserve increased from 369.3 million to 370.2 million barrels as U.S. continued to buy oil for reserves.

From the technical point of view, WTI oil must settle above the resistance at $74.50 – $75.50 to have a chance to gain sustainable upside momentum.

Brent Oil

Brent oil is also moving higher amid a broad rebound in the oil markets. Some traders are using the pullback as an opportunity to increase their long positions at attractive levels.

A move above the $78.50 level will open the way to the test of the resistance at $80.00 – $81.00.

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