Natural Gas, WTI Oil, Brent Oil Forecast – Oil Pulls Back From Session Highs As Traders Focus On PMI Reports

Natural Gas

Natural gas is mostly flat as traders evaluate weather forecasts and stay focused on the bearish EIA report, which was released yesterday.

If natural gas climbs above the $4.00 level, it will move towards the next resistance level, which is located in the $4.25 – $4.30 range.

WTI Oil

WTI oil made an attempt to rebound but lost momentum and pulled back as traders reacted to the weaker-than-expected U.S. Composite PMI report.

The nearest support level for WTI oil is located in the $73.00 – $73.50 range. A move below the $73.00 level will push WTI oil towards the 50 MA at $71.65.

Brent Oil

Brent oil has also pulled back from session highs as traders remained bearish after the release of PMI data.

In case Brent oil declines below the $77.00 level, it will head towards the 50 MA at $74.99.

For a look at all of today’s economic events, check out our economic calendar.