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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Falls As Iraq Restores Production At West Qurna 2
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Key Points:
- Natural gas retreats as traders focus on bearish changes in weather forecasts.
- WTI oil pulled back as traders reacted to developments in Iraq.
- Brent oil declined below the $62.50 level.
Natural Gas
Natural gas is under strong pressure as traders react to warmer weather forecasts.
In case natural gas settles below the support at $5.00 – $5.05, it will head towards the next support level at $4.70 – $4.75.
WTI Oil
WTI oil is losing ground as Iran restored production at the West Qurna 2 project, which suffered from a leak on an export pipeline.
From the technical point of view, WTI oil failed to settle above the resistance level at $60.00 – $60.50.
Brent Oil
Brent oil is losing ground as traders focus on rising supply. Currently, Brent oil is trying to settle below the $62.50 level.
In case this attempt is successful, Brent oil will head towards the support level at $60.50 – $61.00.
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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