Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Markets Test Multi-Month Highs

Natural Gas

Natural gas is losing ground as traders react to the EIA report, which indicated that working gas in storage declined by 37 Bcf from the previous week. The report missed analyst estimates of -38 Bcf.

Natural gas moved back below the $1.80 level and is heading towards the major support at $1.60 – $1.65.

WTI Oil

WTI oil tests new highs as the rally continues. Traders stay focused on rising geopolitical tensions and prepare for stronger demand in the upcoming months.

A successful test of the resistance at $85.50 – $86.50 will push WTI oil towards the next resistance level at $94.00 – $95.00.

Brent Oil

Brent oil has recently managed to climb above the psychologically important $90.00 level. Traders stay bullish, supported by the encouraging Services PMI data from the EU.

If Brent oil stays above the $90.00 level, it will head towards the resistance at $95.00 – $96.00.

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