Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests New Highs After EIA Report

Natural Gas

Natural gas retreats as traders react to changes in forecasts, which predict warmer weather. The EIA report, which showed that working gas in storage declined by -196 Bcf from the previous week, did not have a material impact on the market.

If natural gas pulls back below the support at $4.00 – $4.05, it will head towards the next support level at $3.55 – $3.60.

WTI Oil

WTI oil gained ground as traders focused on the EIA report, which showed that gasoline inventories decreased by -0.2 million barrels from the previous week.

A move above the resistance at $73.00 – $73.50 will push WTI oil towards the next resistance level at $77.00 – $77.50.

Brent Oil

Brent oil moved towards the resistance at $77.00 – $77.50 as the strong rally continued.

In case Brent oil settles above the $77.50 level, it will head towards the next resistance level at $81.00 – $81.50.

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