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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Markets Stay Range-Bound
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Key Points:
- Natural gas prices made an attempt to settle above the $3.50 level.
- WTI oil moved back and forth in choppy trading as traders focused on Trump's comments on China.
- Brent oil settled near the $61.00 level.
Natural Gas
Natural gas continues to move higher as traders stay focused on colder weather forecasts. Short-covering may have provided additional support to natural gas markets in recent trading sessions.
A successful test of the resistance at $3.55 – $3.60 will open the way to the test of the next resistance level at $4.00 – $4.05.
WTI Oil
WTI oil remained range-bound as U.S. President Donald Trump noted that he was unsure whether the meeting with Chinese President Xi Jinping would happen this month.
A move above the $58.00 level will open the way to the test of the nearest resistance at $60.00 – $60.50.
Brent Oil
Brent oil is stuck near the support level at $60.50 – $61.00 as traders stay focused on U.S. – China trade war.
From the technical point of view, Brent oil needs to settle below the support at $57.00 – $57.50 to gain additional downside momentum in the near term.
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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