Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Moves Higher As Traders Focus On Supply Cuts

Key Insights

• Natural gas prices are ticking upward in response to a recent EIA report that didn’t meet analyst expectations, steering toward the $2.60-$2.65 resistance.
• WTI oil bucks the trend of a stronger dollar and rising yields, as traders wager on Saudi Arabia’s commitment to prolonging production cuts.
• Brent oil has carved out a stable perch in the $81.70-$82.85 range, revealing resilient support and a clear upward trajectory.

Natural Gas

Natural gas continues to rebound as traders stay focused on yesterday’s EIA report, which missed analyst estimates.

From the technical point of view, natural gas is slowly moving towards the resistance at $2.60 – $2.65. A move above this level will open the way to the test of the resistance at $2.80 – $2.85.

WTI Oil

WTI oil moved higher despite stronger dollar and rising Treasury yields. Traders bet that Saudi Arabia will extend its production cuts into October.

Currently, WTI oil settled in the range between the support at $77.30 and the resistance at $80.85. Most likely, it will need additional catalysts to move out of this range.

Brent Oil

Brent oil found strong support in the $81.70 – $82.85 range and is moving higher.

The nearest resistance level for Brent oil is located in the $85.10 – $86.00 range. RSI remains in the moderate territory, so there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

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