Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back As Non Farm Payrolls Miss Expectations

Natural Gas

Natural gas rebounds as short sellers rush out of their positions. Several attempts to settle below the $2.00 level yielded no results, and some traders are ready to bet that the market has bottomed out.

A move above the 50 MA at $2.20 will push natural gas towards the nearest significant resistance level, which is located in the $2.45 – $2.50 range.

WTI Oil

WTI oil tests new lows as traders react to the weaker-than-expected Non Farm Payrolls report. Traders are worried that a potential slowdown of the U.S. economy would hurt demand for oil.

In case WTI oil stays below the $79.00 level, it will head towards the support at $74.50 – $75.50.

Brent Oil

Brent oil is losing ground as the pullback continues. It looks that geopolitical premium has declined in recent days, which was bearish for oil markets.

A successful test of the support at $83.50 – $84.50 will push Brent oil towards the next support level at $80.00 – $81.00.

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