Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats As Crude Inventories Rise

Natural Gas

Natural gas gained some ground as traders prepared for the EIA report, which will be released tomorrow. The report is expected to show that working gas in storage increased by 61 Bcf from the previous week.

The technical picture remains unchanged as natural gas is stuck in a range between $2.25 and $2.40.

WTI Oil

WTI oil is losing ground as traders focus on the EIA report, which showed that crude inventories increased by 5.5 million from the previous week.

If WTI oil settles back below the $70.00 level, it will move towards the support at $67.00 – $67.50.

Brent Oil

Brent oil is losing ground amid broad pullback in the oil markets. Traders take some profits off the table after the recent rebound.

From the technical point of view, Brent oil is trying to stay above the 50 MA at $75.42. In case this attempt is successful, Brent oil will move towards the nearest resistance at $77.00 – $77.50.

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