Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Markets Pull Back Ahead Of The Weekend

Key Insights

• Natural gas remains under strong pressure as forecasts point to warm weather. 
• WTI oil moved away from session highs despite rising tensions in the Middle East. 
• Brent oil pulled back below the $79.00 level.

Natural Gas

Natural gas prices are moving lower as traders bet that warm weather will reduce demand for natural gas.

The recent sell-off was strong but RSI remains in the moderate territory, so there is plenty of room to gain additional downside momentum.

WTI Oil

WTI oil is moving back and forth today as traders evaluate the recent demand growth forecasts.

The technical picture remains unchanged as WTI oil needs to settle above the $74.00 level to have a chance to gain sustainable upside momentum.

Brent Oil

Brent oil  moved away from session highs as traders remained cautious ahead of the weekend. Rising tensions in the Middle East provide support to oil markets but traders are worried about the health of the global economy.

If Brent oil moves above the $80.00 level, it will gain additional upside momentum and head towards the next resistance level at $83.50 – $84.50.

For a look at all of today’s economic events, check out our economic calendar.