Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Gains Ground As Crude Inventories Decline

Key Insights

• Natural gas tests new highs as the rebound continues. 
• WTI oil gains some ground as crude inventories decline by 10.6 million barrels. 
• Brent oil moves higher as traders focus on the military coup in Gabon. 

Natural Gas

Natural gas prices are moving higher despite worries that Hurricane Idalia will lead to power outages and lower temperatures, reducing demand for natural gas.

From the technical point of view, natural gas moved above the resistance at $2.60 – $2.65 and is moving towards the next resistance at $2.80 – $2.85.

WTI Oil

WTI oil gains ground as traders focus on the EIA report, which showed that crude inventories declined by 10.6 million barrels. The military coup in the OPEC member Gabon provided additional support to oil markets.

In case WTI oil settles above the resistance at $81.75, it will move towards the $86.00 level, although it may also face material resistance near August highs at $84.85.

Brent Oil

Brent oil is moving higher, supported by worries about tight supplies.

A successful test of the resistance at $85.10 – $86.00 will push Brent oil towards the next resistance at $88.80 – $90.00.

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