Natural Gas, WTI Oil, Brent Oil Forecasts – WTI Oil Gains Ground As Crude Inventories Fall

Natural Gas

Natural gas is losing ground as traders react to the EIA Weekly Natural Gas Storage report, which indicated that working gas in storage increased by 32 Bcf from the previous week.

If natural gas settles below the $2.40 level, it will continue to move towards the support at $2.25 – $2.30.

WTI Oil

WTI oil is moving higher as traders focus on the EIA Weekly Petroleum Status Report, which showed that crude inventories declined by 12.2 million barrels from the previous week.

A move above the resistance at $83.50 – $84.50 will open the way to the test of the next resistance level at $87.00 – $87.50.

Brent Oil

Brent oil is moving towards recent highs as traders stay bullish after the release of the EIA data.

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

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