Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Gains Ground Despite Rising Crude Inventories

Natural Gas

Natural gas gained ground as traders bet that production cuts would ultimately improve supply/demand balance.

Natural gas needs to settle above the resistance at $1.95 – $2.00 to have a chance to gain sustainable upside momentum.

WTI Oil

WTI oil gains ground despite bearish EIA report, which indicated that crude inventories increased by 5.8 million barrels from the previous week.

From the technical point of view, WTI oil continues its attempts to settle above the resistance at $85.50 – $86.50.

Brent Oil

Brent oil is also moving higher as traders ignore the bearish EIA report, strong dollar, and rising Treasury yields.

RSI has recently moved back into the moderate territory, so there is plenty of room to gain additional upside momentum.

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