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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back Ahead Of The Weekend
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Oil prices are moving lower as rate hike worries put pressure on commodity markets.
Key Insights
- Natural gas did not manage to climb above $3.00 as weather forecasts remained bearish.
- WTI oil pulled back below the $91.00 level amid profit-taking.
- Brent oil declined towards the $92.00 level.
Natural Gas
Natural gas is mostly flat ahead of the weekend. Declining production provides some support to natural gas prices, but weather forecasts remain bearish.
The nearest resistance for natural gas is located in the $3.00 – $3.05 range. A move above $3.05 will provide natural gas with an opportunity to gain strong upside momentum.
WTI Oil
WTI oil is losing ground as traders continue to take profits near multi-month highs.
In case WTI oil manages to stay above the $90.00 level, it will get to another test of the nearest resistance at $92.50 – $94.00.
Brent Oil
Brent oil is also losing ground amid a broad pullback in commodity markets.
RSI has moved back into the moderate territory, so Brent oil may gain solid upside momentum in case the right catalysts emerge.
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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