Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Moves Higher As Traders Focus On China PMI Reports

Natural Gas

Natural gas pulled back as traders took profits after the strong rally and focused on the recent changes in weather forecasts, which point to warmer weather from January 5.

If natural gas settles below the $3.70 level, it will get to the test of the nearest support at $3.55 – $3.60.

WTI Oil

WTI oil gains ground as traders focus on China’s PMI reports. NBS Manufacturing PMI declined from 50.3 in November to 50.1 in December, while NBS Non Manufacturing PMI increased from 50.0 to 52.2.

If WTI oil moves above the resistance at $72.00 – $72.50, it will gain additional upside momentum and move towards the next resistance level at $77.00 – $77.50.

Brent Oil

Brent oil is moving towards the $75.00 level as traders stay bullish ahead of the New Year despite demand worries.

A move above $75.00 will open the way to the test of the resistance level, which is located in the $77.00 – $77.50 range.

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