Natural Gas, WTI Oil, Brent Oil Forecasts – WTI Oil Retreats As Traders Focus On Fed Policy Outlook

Natural Gas

Natural gas gains ground as traders react to the EIA report, which indicated that working gas in storage declined by -125 Bcf from the previous week.

A move above the $3.60 level will open the way to the test of the next resistance at $3.80 – $3.85.

WTI Oil

WTI oil pulls back as traders focus on the changes in Fed’s interest rate projections. The pace of rate cuts will slow down, which is bearish for oil markets.

In case WTI oil manages to settle below the $69.00 level, it will head towards the nearest support level at $67.00 – $67.50.

Brent Oil

Brent oil remains stuck near the $73.00 level as traders focus on U.S. dollar’s rally and rising Treasury yields.

A move below the $72.00 level will push Brent oil towards the strong support at $71.00 – $71.50.

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