Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back As Dollar Rebounds

Natural Gas

Natural gas settled below the $2.70 level as traders switched to the new contract.

RSI is in the moderate territory, so there is plenty of room to gain additional downside momentum.

WTI Oil

WTI oil pulls back as traders take some profits off the table after the recent rebound. It should be noted that strong dollar put material pressure on commodity markets today. WTI needs additional positive catalysts to settle above the key resistance at $79.00 – $80.00.

In case WTI oil manages to settle above $80.00, it will get to the test of the 50 MA at $81.50.

Brent Oil

Brent oil is losing ground amid a broad pullback in the oil markets. The resistance at $83.50 – $84.50 stays strong.

From the technical point of view, Brent oil needs to settle above the $84.50 level to gain additional upside momentum.

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