Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rebounds As Crude Inventories Decline

Natural Gas

Natural gas pulls back as traders take some profits off the table after the recent rebound.

In case natural gas settles below the $2.15 level, it will head towards the nearest support, which is located in the $1.95 – $2.00 range.

WTI Oil

WTI oil rebounded from session lows as traders reacted to the EIA report, which showed that crude inventories declined by 1.4 million barrels from the previous week.

In case WTI oil manages to settle above the resistance at $79.00 – $80.00, it will head towards the next resistance, which is located in the $85.50 – $86.50 range.

Brent Oil

Brent oil moved back above the $83.50 level as traders focused on crude inventories’ data from the U.S.

A move above the $84.50 level will open the way to the test of the resistance at $89.00 – $90.00.

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