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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back Ahead Of The Weekend

By:
Vladimir Zernov
Published: Sep 29, 2023, 18:11 GMT+00:00

Oil prices are moving lower as rate hike worries put pressure on commodity markets.

WTI Oil

In this article:

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
Natural Gas 290923 Daily Chart

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
WTI Oil 290923 Daily Chart

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
Brent Oil 290923 Daily Chart

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 is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.

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