Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Markets Mixed After EIA Report

Natural Gas

Natural gas pulls back as traders focus on the impact of the tropical storm, which may reduce demand through cooling rains.

Currently, natural gas is trying to settle below the support at $2.80 – $2.85. In case this attempt is successful, natural gas will move towards the next support level at $2.50 – $2.55.

WTI Oil

WTI oil is swinging between gains and losses as traders react to the EIA report, which indicated that crude inventories declined by 2.5 million barrels from the previous week.

The technical picture remains bullish as the recent pullback was quickly bought by traders.

Brent Oil

Brent oil tested new highs after the release of the EIA report. Falling crude inventories and rising geopolitical tensions provided support to Brent oil prices.

In case Brent oil manages to settle above the $86.00 level, it will head towards the next resistance at $88.00 – $89.00.

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