Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats From Session Highs As Traders Focus On EIA Data

Natural Gas

Natural gas gains ground as traders focus on the EIA report, which indicated that working gas in storage increased by 13 Bcf from the previous week.

A move above the resistance at $2.25 – $2.30 will push natural gas towards the next resistance at $2.55 – $2.60.

WTI Oil

WTI oil pulled back from session highs as traders reacted to the EIA data. Crude inventories declined by 6.9 million barrels from the previous week, while gasoline inventories increased by 0.8 million barrels.

It should be noted that RSI is in the moderate territory despite the recent pullback, so there is plenty of room to gain additional downside momentum.

Brent Oil

Brent oil remains under pressure despite reports indicating that OPEC+ may delay its production hike by two months.

Brent oil will likely gain additional downside momentum in case it settles below the support at $72.50 – $73.00.

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