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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Dives 3% Amid Demand Concerns
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Key Points:
- Natural gas is losing ground ahead of the weekend.
- WTI oil is under pressure as traders focus on weak job market data.
- Brent oil declined below the psychologically important $70.00 level.
Natural Gas
Natural gas made an attempt to settle above the $3.10 level but lost momentum and pulled back.
A move below the $3.00 level will open the way to the test of the next support level, which is located in the $2.70 – $2.75 range.
WTI Oil
WTI oil found itself under strong pressure as traders reacted to the disappointing Non Farm Payrolls report and negative revisions of previous reports.
In case WTI oil declines below the $67.00 level, it will get to the test of the nearest support at $66.00 – $66.50.
Brent Oil
Brent oil suffered a strong sell-off as traders worried about the situation in the U.S. economy.
If Brent oil settles below the 50 MA at $69.11, it will move towards the support at $67.50 – $68.00.
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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