Advertisement
Advertisement
Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back Amid Worries About U.S. – EU Trade Deal
By:
Key Points:
- Natural gas is mostly flat as market stabilizes after recent volatilty.
- WTI oil moved lower as traders focused on the fate of the U.S. - EU trade deal.
- Brent oil pulled back below the $68.50 level.
Natural Gas
Natural gas markets stabilize after recent volatilty. Traders are not ready for big moves ahead of the weekend.
A successful test of the support level at $3.00 – $3.05 will push natural gas towards the next support at $2.70 – $2.75.
WTI Oil
WTI oil pulled back as traders focused on President Trump’s comments about the U.S. – EU trade deal. U.S. President said there was a 50% chance of striking a trade deal with Europe.
A move below the $65.00 level will open the way to the test of the support level at $62.00 – $62.50.
Brent Oil
Brent oil pulls back as traders worry that tariffs will hurt demand for oil. U.S. dollar’s rebound puts additional pressure on oil markets.
From the technical point of view, Brent oil needs to settle below the support level at $67.50 – $68.00 to gain additional downside 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.
Advertisement