Natural Gas, WTI Oil, Brent Oil Forecasts – WTI Oil Rebounds Towards The $90 Level

Key Insights

• Natural gas retreats on EIA report.
• WTI oil rebounds after the pullback. 
• Brent oil gains ground amid a broad rebound in the oil markets.

Natural Gas

Natural gas  pulls back as traders react to the EIA Weekly Natural Gas Storage report, which indicated that working gas in storage increased by 64 Bcf from the previous week.

From the technical point of view, natural gas continues to trade between the support at $2.60 and the resistance at $2.85.

WTI Oil

WTI oil rebounds after yesterday’s pullback, which was triggered by profit-taking and Powell’s comments.

RSI has moved back into the moderate territory, so WTI oil has a decent chance to gain upside momentum in case the right catalysts emerge.

Brent Oil

Brent oil has also moved higher in today’s trading session. Fundamentals remain bullish, so traders used the recent pullback as an opportunity to increase their long positions.

In case Brent oil manages to stay above the recent lows at $92.24, it will soon get to the test of the $95 level.

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