Natural Gas, WTI Oil, Brent Oil Forecasts – WTI Oil Retreats As Gasoline Inventories Rise

Natural Gas

Natural gas rebounded after the strong pullback as traders focused on bullish changes in weather forecasts.

If natural gas stays above the $3.50 level, it will head towards the resistance level at $3.70 – $3.75.

WTI Oil

WTI oil pulls back as traders react to the EIA report. The report indicated that crude inventories decreased by -3.8 million barrels, compared to analyst forecast of +1.1 million barrels. Gasoline inventories increased by +7.7 million barrels, while analysts expected that they wouuld grow by 2.9 million barrels.

A successful test of the support level at $55.50 – $56.00 will push WTI oil towards the next support level, which is located in the $51.50 – $52.00 range.

Brent Oil

Brent oil declined below the psychologically important $60.00 level amid broad pullback in the oil markets.

In case Brent oil stays below the $60.00 level, it will head towards December lows near the $59.00 level.

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