Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats After EIA Report

Key Insights

• Natural gas pulled back after yesterday’s rebound. 
• WTI oil is moving lower as traders react to the EIA report. 
• Brent oil moved back below the $85.50 level. 

Natural Gas

Natural gas pulls back after yesterday’s rally. The market remains extremely volatile, so traders should be prepared for fast moves.

A successful test of the resistance at $3.60 – $3.75 will open the way to the test of the next resistance level at $4.40 – $4.60.

WTI Oil

WTI oil pulled back from session highs as traders reacted to the EIA report, which showed that crude inventories increased by 0.8 million barrels from the previous week.

A move below the support at $80.50 – $82.00 will push WTI oil towards the support level at $76.50 – $77.50.

Brent Oil

Brent oil has also found itself under pressure in today’s trading session. According to recent reports. a first group of civilians from Gaza crossed into Egypt. The markets interpret the news as a sign that the scope of the conflict remains under control.

If Brent oil declines below the $84.00 level, it will move towards the support at $80.50 – $81.75.

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