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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Markets Test Multi-Year Lows
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Key Points:
- Natural gas remains under strong pressure amid warm weather forecasts.
- WTI oil tested multi-year lows as traders focused on rising supply.
- Brent oil pulled back towards the $59.00 level.
Natural Gas
Natural gas tests new lows as weather forecasts point to warm weather, which will lead to low demand.
A successful test of the support at $3.90 – $3.95 will open the way to the test of the next support level at $3.70 – $3.75.
WTI Oil
WTI oil declined towards levels last seen in 2021 amid oversupply concerns. The potential Ukraine peace deal serves as an additional bearish catalyst for oil markets.
In case WTI oil settles below the support at $55.50 – $56.00, it will head towards the next support level at $51.50 – $52.00.
Brent Oil
Brent oil tests new lows amid broad sell-off in the oil markets. At this point, Brent oil lacks positive catalysts.
A move below the $59.00 level will push Brent oil towards the support at $56.50 – $57.00.
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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