Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests New Highs

Key Insights

• Natural gas retreats as traders react to the EIA report. 
• WTI oil tested new highs as traders focused on strong economic data from the U.S. 
• Brent oil moved towards the $82.00 level. 

Natural Gas

Natural gas pulls back as traders react to the EIA report, which indicated that working gas in storage declined by 326 Bcf from the previous week, compared to analyst consensus of -322 Bcf.

From the technical point of view, natural gas did not manage to settle above the resistance at $2.70 – $2.75.

WTI Oil

WTI oil tests new highs as traders react to the better-than-expected U.S. GDP Growth Rate report. The American economy stays strong, which is bullish for oil markets.

RSI remains in the moderate territory, so there is plenty of room to gain additional momentum in case the right catalysts emerge.

Brent Oil

Brent oil  is also moving higher as traders bet that demand for oil may be higher than previously expected. Tensions in the Middle East provide additional support to oil markets.

A move above the $82.00 level will push Brent oil towards the resistance at $83.50 – $84.50.

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