Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rallies As Central Banks Keep Rates Unchanged

Key Insights

• Natural gas retreats as traders react to the EIA report. 
• WTI oil rebounded after the recent pullback as traders focused on the recent decisions from Fed and BoE. 
• Brent oil rallied towards the $87.00 level. 

Natural Gas

Natural gas is losing ground as trader react to the EIA report, which indicated that working gas in storage increased by 79 Bcf from the previous week.

RSI is in the moderate territory, so there is plenty of room to gain additional momentum in the upcoming trading sessions.

WTI Oil

WTI oil gains ground as traders focus on the recent central bank decisions. Fed and BoE left the interest rates unchanged, which was bullish for oil markets.

From the technical point of view, WTI oil received strong support in the $80.50 – $82.00 range.

Brent Oil

Brent oil has also managed to gain strong upside momentum as traders bet that the rate hike cycle has been finished.

If Brent oil settles above the $87.00 level, it will head towards the resistance at $88.80 – $90.00.

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