Natural Gas, WTI Oil, Brent Oil – Oil Pulls Back After EIA Report

Key Insights

• Natural gas is trying to settle below the support at $2.60 – $2.65.
• WTI oil pulls back as crude inventories declined by just 0.6 million barrels from the previous week. 
• Brent oil continues its attempts to settle above the $82.85 level. 

Natural Gas

Natural gas is losing ground as traders remain focused on weather forecasts for August 1 – August 7, which predict cooler weather.

In case natural gas settles below the support at $2.60 – $2.65, it will head towards the next support level, which is located in the $2.35 – $2.40 range.

WTI Oil

WTI oil pulls back as traders react to the EIA report, which showed that crude inventories declined by 0.6 million barrels from the previous week, compared to analyst consensus of -2.35 million.

From the technical point of view, the current pullback looks healthy after a strong rally. RSI remains in the moderate territory, so there is enough room to gain additional upside momentum.

Brent Oil

Brent oil continues its attempts to settle above the resistance in the $81.70 – $82.85 range.

While profit-taking may remain an important bearish catalyst in the near term, Brent oil has a decent chance to test the next resistance in the $85.10 – $86.00 range in the upcoming trading sessions.

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