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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back Ahead Of The Weekend
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Key Points:
- Natural gas continues its attempts to settle below the support at $2.60 - $2.65.
- WTI oil is losing some ground as traders remain cautious ahead of the weekend.
- Brent oil did not manage to settle above the $79.00 level.
Natural Gas
Natural gas remains under pressure as traders focus on the consequences of Hurricane Milton, which has led to lower demand.
A successful test of the support at $2.60 – $2.65 will push natural gas towards the next support level at $2.40 – $2.45.
WTI Oil
WTI oil is losing some ground as traders remain focused on the situation in the Middle East. Israel is expected to retaliate against Iran, and traders try to guess whether retaliation will impact Iran’s oil infrastructure.
A move above the $76.00 level will open the way to the test of the nearest resistance level at $77.00 – $77.50.
Brent Oil
Brent oil moved lower in choppy trading. From a big picture point of view, traders are not ready for big moves ahead of the weekend.
Brent oil needs to settle above the $79.00 level to gain additional upside momentum in the near term.
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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