Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back As Trump Says Negotiations Will Continue

Natural gas remains under strong pressure as traders stay focused on yesterday’s EIA Weekly Natural Gas Storage Report, which indicated that working gas in storage increased by +61 Bcf from the previous week. The storage build exceeded analyst estimates and served as a major bearish catalyst for natural gas markets. From the technical point of view, natural gas settled below the support level at $3.00 – $3.05 and is trying to settle below the $2.90 level. In case this attempt is successful, natural gas will head towards the next support, which is located in the $2.75 – $2.80 range. RSI is in the moderate territory, so there is plenty of room to gain additional downside momentum in the near term.

WTI oil pulls back as traders react to Trump’s comments on Iran. President Trump said that Iran asked U.S. to continue negotiations. He added that U.S. considered that the ceasefire was over. Earlier, U.S. revoked a sanctions waiver which allowed Iran to sell its oil in the global markets. Trump has also threatened to impose a naval blockade on Iranian ports. Traders viewed Trump’s remarks as bearis...