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

Natural Gas

Natural gas gains ground as traders focus on the EIA report, which showed that working gas in storage declined by -40 Bcf from the previous week.

In case natural gas stays above the $3.60 level, it will move towards the resistance at $3.95 – $4.00.

WTI Oil

WTI oil pulled back as EIA report showed that gasoline inventories increased by 6.3 million barrels, compared to analyst forecast of +1.5 million barrels.

The nearest support level for WTI oil is located in the $72.00 – $72.50 range. A move below the $72.00 level will push WTI oil towards the 50 MA at $69.95.

Brent Oil

Brent oil pulled back after an unsuccessful attempt to settle above the resistance at $77.00 – $77.50.

If Brent oil settles below the $76.00 level, it will head towards the 50 MA at $73.50.

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