Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Markets Stabilize After Sell-Off

Natural Gas

Natural gas pulls back as traders react to the EIA report, which indicated that working gas in storage declined by -80 Bcf from the previous week.

A successful test of the support at $4.25 – $4.30 will push natural gas towards the next support level at $4.00 – $4.05.

WTI Oil

WTI oil stabilizes after the recent sell-off. From a big picture point of view, OPEC+ plans to raise oil production continue to put pressure on oil markets.

If WTI oil stays below the $67.00 level, it will head towards the support level at $62.50 – $63.00.

Brent Oil

Brent oil is trying to settle back above the $69.50 level as some traders are ready to buy the dip.

A move above $70.00 will push Brent oil towards the nearest resistance level at $71.00 – $71.50.

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