Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Dives 2.9% As Crude Inventories Rise

Natural Gas

Natural gas is losing ground amid worries about Freeport LNG’s recovery and expectations of hawkish comments from Fed Chair Powell.

The technical picture remains bearish as natural gas did not manage to settle above the $2.00 level.

WTI Oil

WTI oil tests new lows as traders react to the EIA report, which indicated that crude inventories increased by 7.3 million barrels from the previous week. Total motor gasoline inventories grew by 0.3 million barrels, while distillate fuel inventories declined by 0.7 million barrels.

In case WTI oil settles below the support at $79.00 – $80.00, it will head towards the next support level at $74.50 – $75.50.

Brent Oil

Brent oil tests support at $83.50 – $84.50 as traders focus on rising crude inventories in the U.S.

A move below the $83.50 level will open the way to the test of the support at $80.00 – $81.00.

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