Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back As China’s GDP Growth Rate Misses Expectations

Key Insights

• Natural gas found support at $2.75 and is trying to rebound. 
• WTI oil settled below the $72.00 level as traders focused on disappointing economic data from China. 
• Brent oil pulled back towards the $77.00 level amid demand worries. 

Natural Gas

Natural gas is trying to rebound from session lows, but traders stay worried about warm weather forecasts.

If natural gas settles back above the $2.85 level, it will head towards the resistance at $3.00 – $3.05.

WTI Oil

WTI oil is swinging between gains and losses as traders focus on economic data from China and tensions in the Middle East.

The technical picture remains unchanged as WTI oil needs to settle above the $74.00 level to gain sustainable upside momentum.

Brent Oil

Brent oil  is losing some ground as traders react to China’s GDP Growth Rate report, which missed analyst expectations. China’s Retail Sales increased by 7.4% year-over-year in December, compared to analyst consensus of 8%.

From the technical point of view, Brent oil remains stuck near the resistance at $77.50 – $78.25.

For a look at all of today’s economic events, check out our economic calendar.