Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back As Traders Wait For Catalysts

Natural Gas

Natural gas rebounds as traders focus on high demand due to hot weather. It remains to be seen whether the rebound would be sustainable as natural gas stocks are well above the five-year average for this time of the year.

In case natural gas manages to settle back above the $2.40 level, it will move towards the nearest resistance at $2.50 – $2.55.

WTI Oil

WTI oil pulls back as traders react to the higher-than-expected U.S. PPI data. U.S. dollar’s pullback did not provide support to oil markets today.

The technical picture remains unchanged as WTI oil needs to settle above the resistance at $83.50 – $84.50 to gain upside momentum.

Brent Oil

Brent oil is losing ground as traders reduce their long positions ahead of the weekend.

In case Brent oil declines below the support at $84.50 – $85.00, it will head towards the next support level at $81.50 – $82.50.

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