Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests Multi-Month Highs As Crude Inventories Decline

Natural Gas

Natural gas gains ground as traders stay focused on weather forecasts and bet that cold weather will provide sufficient support to the market.

In case natural gas stays above the $4.00 level, it will move towards the next resistance level at $4.25 – $4.30.

WTI Oil

WTI oil tests new highs as traders focus on the EIA report, which indicated that crude inventories declined by 2.0 million barrels from the previous week.

If WTI oil climbs above the resistance at $80.00 – $80.50, it will head towards the next resistance level, which is located in the $84.00 – $84.50 range.

Brent Oil

Brent oil tests resistance at $81.00 – $81.50 amid broad rally in the oil markets. The recent sanctions on Russia continue to provide significant support to Brent oil.

A move above the $81.50 level will push Brent oil towards the next resistance level at $84.00 – $84.50.

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