Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back Ahead Of The Weekend

Natural Gas

Natural gas pulls back as traders react to the EIA Natural Gas Storage Report, which indicated that working gas in storage increased by 71 Bcf from the previous week. The report exceeded the analyst consensus of +69 Bcf.

In case natural gas settles below the $2.70 level, it will continue to move towards the nearest support level, which is located in the $2.50 – $2.55 range.

WTI Oil

WTI oil pulls back as traders take some profits off the table ahead of the weekend.

The nearest support level for WTI oil is located in the $79.00 – $80.00 range. WTI oil needs to stay above this support level to have a chance to gain upside momentum in the near term.

Brent Oil

Brent oil is losing some ground as U.S. dollar tests multi-week highs against a broad basket of currencies.

The technical picture remains bullish as Brent oil has recently managed to settle above the previous resistance at $84.50 – $85.00.

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