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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Markets Attempt To Rebound After The Strong Pullback
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Key Points:
- Natural gas is under pressure due to cooler weather forecasts.
- WTI oil is mostly flat amid profit-taking.
- Brent oil is trying to settle above the $66.50 level.
Natural Gas
Natural gas pulled back as traders focused on bearish changes in weather forecasts.
A successful test of the support at $3.00 – $3.05 will open the way to the test of the next support level at $2.70 – $2.75.
WTI Oil
WTI oil is mostly flat as traders take some profits off the table after the strong pullback.
In case WTI oil manages to settle back above the $64.50 level, it will head towards the resistance level at $66.00 – $66.50.
Brent Oil
Brent oil is also trying to rebound after the pullback. From a big picture point of view, Brent oil needs additional positive catalysts to gain sustainable upside momentum.
If Brent oil climbs above the $68.00 level, it will head towards the 50 MA at $69.41.
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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