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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Markets Pull Back As Geopolitical Risk Premium Declines
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Key Points:
- Natural gas is losing ground as traders react to bearish weather forecasts.
- WTI oil moved lower as traders bet that U.S. will not introduce additional Russia-related sanctions in the near term.
- Brent oil pulled back below the $66.00 level.
Natural Gas
Natural gas is under strong pressure as traders focus on cooler weather patterns, which indicate that demand will decline.
A successful test of the support at $2.70 – $2.75 will push natural gas towards the next support level at $2.50 – $2.55.
WTI Oil
WTI oil pulls back as traders focus on recent geopolitical developments, which indicate that Russia will not face additional sanctions in the near term.
In case WTI oil declines below the $62.00 level, it will head towards the nearest support at $60.00 – $60.50.
Brent Oil
Brent oil is under pressure amid broad pullback in the oil markets, which is driven by declining geopolitical risk premium.
A move below the $65.00 level will push Brent oil towards the support at $63.50 – $64.00.
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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