Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back As Traders Take Profits Ahead Of Fed Decision
Key Insights
- Natural gas is trying to settle above the resistance at $2.85.
- WTI oil is moving lower amid profit-taking.
- Brent oil failed to settle above the $95.00 level and pulled back.
Natural Gas
Natural gas tested new highs as traders focused on rising exports. Milder weather did not put any material pressure on natural gas markets.
A successful test of the resistance in the $2.80 – $2.85 range will open the way to the test of the next resistance level, which is located in the $3.00 – $3.05 range.
WTI Oil
WTI oil pulled back as traders decided to take some profits off the table ahead of the Fed decision, which will be released tomorrow.
WTI oil is overbought, so it’s not surprising to see that traders want to limit their risks ahead of Powell’s speech.
Brent Oil
Brent oil has also moved lower after an unsuccessful attempt to settle above the $95.00 level.
RSI remains in the overbought territory, so Brent oil has a decent chance to gain additional downside momentum in the near term.
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