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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Markets Retreat After U.S. PPI Report
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Key Points:
- Natural gas is losing some ground amid profit-taking.
- WTI oil declines as traders focus on the higher-than-expected PPI report.
- Brent oil is moving towards the $82.00 level.
Natural Gas
Natural gas pulls back as traders take some profits off the table near multi-week highs.
The technical picture remains bullish as natural gas has recently settled above the 50 MA.
WTI Oil
WTI oil pulls back as traders focus on the U.S. PPI report, which exceeded analyst estimates.
A move below the $77.50 level will open the way to the test of the nearest support level at $74.50 – $75.50.
Brent Oil
Brent oil retreats amid a broad pullback in the oil markets. Traders are worried about potential slowdown of the U.S. economy.
If Brent oil declines below the $82.00 level, it will head towards the next support at $80.00 – $81.00.
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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