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Natural Gas, WTI Oil, Brent Oil Forecast – Oil Pulls Back From Session Highs As Traders Focus On PMI Reports
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Key Points:
- Natural gas is mostly flat ahead of the weekend.
- WTI oil did not manage to settle back above the $75.00 level.
- Brent oil faced strong resistance near the $79.00 level.
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.
About the Author
Vladimir Zernovauthor
Vladimir is an independent trader, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.
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