Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests New Highs As Gasoline Inventories Decline

Natural Gas

Natural gas pulls back as traders take some profits off the table after the recent rebound. The weather is expected to get warmer soon, which is bearish for natural gas markets.

From a big picture point of view, natural gas needs significant positive catalysts to settle above the nearest resistance at $1.95 – $2.00.

WTI Oil

WTI oil tested new highs as traders reacted to the EIA Weekly Petroleum Status report. The report indicated that crude inventories increased by 3.2 million barrels from the previous week, while gasoline inventories declined by 4.3 million barrels. Strategic Petroleum Reserve increased from 363.1 million barrels to 363.6 million barrels.

It remains to be seen whether WTI oil is ready to climb above the resistance at $85.50 – $86.50 without a pullback as RSI is in the overbought territory.

Brent Oil

Brent oil has also gained some ground as rally continued. Traders expect that demand for oil will increase in the upcoming months.

A successful test of the $90.00 level will push Brent oil towards the next resistance at $95.00 – $96.00.

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