Key Insights
- Natural gas pulled back as weather forecasts remain bearish.
- WTI oil tested multi-month lows as traders focused on China’s exports data.
- Brent oil pulled back towards the $82.00 level.
Natural Gas
Natural gas prices remain under strong pressure as traders stay focused on bearish weather forecasts.
If natural gas settles below the nearest support at $3.00 – $3.05, it will head towards the next support level, which is located in the $2.80 – $2.85 range.
WTI Oil
WTI oil gained strong downside momentum as China’s exports fell by 6.4% year-over-year in October. Traders are worried that China’s economy remains in trouble, which is bearish for oil prices.
If WTI oil declines below the support at $76.50 – $77.50, it will head towards the next support level at $73.00 – $74.00.
Brent Oil
Brent oil tested multi-month lows amid demand concerns. The geopolitical premium has evaporated as traders believe that other countries would not be dragged into Israel – Hamas conflict.
A move below the support at $80.50 – $81.75 will push Brent oil towards the next support at $77.50 – $78.25.
For a look at all of today’s economic events, check out our economic calendar.
