Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Dives On Demand Concerns

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.