Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests New Highs As Distillate Fuel Inventories Decrease By 4 Million

Natural Gas

Natural gas pulls back as traders react to the EIA Weekly Natural Gas Storage report, which indicated that working gas in storage declined by 60 Bcf from the previous week.

From the technical point of view, natural gas needs to stay above the support at $1.60 – $1.65 to have a chance to gain upside momentum in the near term.

WTI Oil

WTI oil tests new highs as traders focus on the EIA report, which indicated that crude inventories increased by 3.5 million barrels. Total motor gasoline inventories declined by 0.3 million barrels from the previous week.

A successful test of the resistance at $79.00 – $80.00 will push WTI oil towards the next resistance at $85.50 – $86.50.

Brent Oil

Brent oil is moving higher as traders focus on the EIA data, which showed that distillate fuel inventories decreased by 4 million barrels from the previous week.

Brent oil has a good chance to settle above the strong resistance at $83.50 – $84.50 after a period of consolidation.

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