Natural Gas, WTI Oil, Brent Oil Forecasts – WTI Oil Gains Ground As Crude Inventories Decreased By 9.2 Million Barrels

Key Insights

• Natural gas rebounds on short-covering. 
• WTI oil gained upside momentum as crude inventories declined. 
• Brent oil moved above the $80.00 level. 

Natural Gas

Natural gas  rebounds as short sellers rush to take profits off the table. Weather forecasts are bearish, so it remains to be seen whether natural gas will be able to gain sustainable momentum.

A move above the $2.60 level will push natural gas towards the nearest resistance at $2.70 – $2.75.

WTI Oil

WTI oil moved above the $75.00 level as EIA report indicated that crude inventories declined by 9.2 million barrels from the previous week.

In case WTI oil settles above $76.00, it will head towards the next resistance at $79.00 – $80.00.

Brent Oil

Brent oil moved above the $80.00 level as traders reacted to the EIA report. It should be noted that bulls remain cautious amid demand concerns.

Brent oil is slowly moving higher, but the current trend looks fragile. However, RSI is in the moderate territory, so there is plenty of room to gain additional upside momentum.

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