Natural Gas, WTI Oil, Brent Oil Forecasts – Natural Gas Rallies After EIA Report

Key Insights

• Natural gas climbed above the $3.15 level. 
• WTI oil pulled back below $84.00 as the risk premium for oil declined. 
• Brent oil settled below the $88.00 level.

Natural Gas

Natural gas rallied as traders reacted to the EIA Weekly Natural Gas Storage Report, which indicated that working gas in storage increased by 74 Bcf, compared to analyst consensus of +80 Bcf.

Natural gas moved above the resistance at $3.00 – $3.05 and has a good chance to develop sustainable upside momentum.

WTI Oil

WTI oil pulls back as traders focus on diplomatic efforts in the Middle East. Israel’s ground operation against Hamas has not started yet, and the risk premium for oil is moving lower.

From the technical point of view, WTI oil remains stuck between the support at $82.00 and the resistance at $86.00.

Brent Oil

Brent oil has also found itself under pressure while traders continued to wait for the news from the Middle East.

The near-term technical picture remains bearish as WTI oil did not manage to settle above the resistance at $88.80 – $90.00.

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