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

Natural Gas

Natural gas is losing some ground as traders prepare for the EIA report, which will be released tomorrow. The report is expected to show that working gas in storage increased by +79 Bcf from the previous week.

From the technical point of view, natural gas is trying to settle below the nearest support level at $2.80 – $2.85.

WTI Oil

WTI oil gained ground as traders focused on the EIA report, which indicated that crude inventories declined by 0.5 million barrels from the previous week.

A move above the $70.00 level will push WTI oil towards the nearest resistance at $72.00 – $72.50.

Brent Oil

Brent oil  rebounds after the recent pullback as traders focus on falling crude oil and gasoline inventories in the U.S.

In case Brent oil manages to settle above the $73.00 level, it will move towards the 50 MA at $74.92.

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