Natural Gas, WTI Oil, and Brent Oil Forecasts Amid EIA Data Insights
Natural Gas Forecast
Natural gas is currently losing ground as traders react to the EIA Weekly Natural Gas Storage Report, which showed a working gas storage increase of +76 Bcf from the previous week. Market sentiment remains bearish after testing support levels at $2.40 – $2.45, indicating that significant positive catalysts are needed to change the current trend.
WTI Oil Analysis
WTI oil is mostly flat as traders focus on the EIA Weekly Petroleum Status Report, revealing a crude inventory decline of 2.2 million barrels from the previous week. If WTI can settle above the $71.00 level, it may test resistance within the $72.00 – $72.50 range.
Brent Oil Insights
Brent oil shows mixed performance as it swings between gains and losses. The EIA data indicated an increase in U.S. domestic oil production from 13.4 million bpd to 13.5 million bpd. A move above the $75.00 level may lead to attempts at breaking resistance in the $77.00 – $77.50 range.
EIA Reports and Market Dynamics
With all these economic events in play, traders remain vigilant. The interplay of EIA data and market sentiment will dictate the near-term trends in these energy commodities.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.