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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Markets Remain Under Pressure

By:
Vladimir Zernov

Oil prices test new lows as traders worry that voluntary OPEC+ production cuts would not be fully implemented.

Natural Gas, WTI Oil, Brent Oil Forecasts

In this article:

Key Insights

  • Natural gas retreats as weather forecasts remain bearish. 
  • WTI oil is losing ground as traders stay worried about the strength of demand in the near term. 
  • Brent oil pulled back below the $79.00 level.

Natural Gas

Natural Gas
Natural Gas 041223 Daily Chart

Natural gas prices test new lows as forecasts  point to mild weather. The current demand for natural gas remains low, which is bearish for natural gas markets.

In case natural gas settles below the support at $2.60 – $2.65, it will move towards the next support level, which is located in the $2.40 – $2.45 range.

WTI Oil

WTI Oil
WTI Oil 041223 Daily Chart

WTI oil remains under pressure amid demand worries. The recent OPEC+ decision did not provide any support to oil prices.

A successful test of the support at $73.00 – $74.00 will open the way to the test of the next support level at $67.50 – $68.50.

Brent Oil

Brent Oil
Brent Oil 041223 Daily Chart

Brent oil is also losing ground amid a broad pullback in the oil markets. At this point, oil markets need material positive catalysts to break the current trend.

If Brent oil settles below the support at $77.50, it will gain additional downside momentum and move towards the next support level at $71.75 – $73.00.

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

About the Author

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.

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