Advertisement
Advertisement
Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back Amid Oversupply Concerns
By:
Key Points:
- Natural gas tested new lows as traders focused on bearish weather forecasts.
- WTI oil moved lower amid worries about rising supply.
- Brent oil made an attempt to settle below the $66.00 level.
Natural Gas
Natural gas remains under strong pressure as traders focus on mild weather forecasts.
From the technical point of view, natural gas is moving towards the support level at $2.70 – $2.75.
WTI Oil
WTI oil tested new lows as traders remained worried about oversupply. Geopolitical tensions have not provided any support to oil markets in recent trading sessions.
A move below the $61.50 level will push WTI oil towards the support level at $60.00 – $60.50.
Brent Oil
Brent oil is mostly flat as traders wait for additional catalsyts after the pullback. RSI is in the moderate territory, and there is plenty of room to gain momentum in the near term.
In case Brent oil declines below the $66.00 level, it will head towards the support at $63.50 – $64.00.
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.
Advertisement