Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Moves Lower Amid Demand Worries

Natural Gas

Natural gas tests new lows as traders focus on warm weather forecasts, which indicate that demand will be low in the near term.

It should be noted that RSI has recently moved into the oversold territory, so the risks of a rebound are increasing.

WTI Oil

WTI oil remains under pressure despite the encouraging economic data from China. The country’s GDP Growth Rate and Retail Sales exceeded analyst expectations, but oil traders remained worried about the economic outlook.

In case WTI oil stays below the $70.00 level, it will head towards the nearest support at $67.00 – $67.50.

Brent Oil

Brent oil tested new lows amid broad pullback in the oil markets. At this point, Brent oil needs significant catalysts to change the current trend.

A move below the $73.00 level will push Brent oil towards the nearest support level at $71.00 – $71.50.

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