Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back As Treasury Yields Rise

Key Insights

• Natural gas tests support at $2.60. 
• WTI oil continues to trade near the $90.00 level. 
• Brent oil is losing ground as traders focus on rising Treasury yields.

Natural Gas

Natural gas continues its attempts to settle below the support at $2.60 as traders remain focused on bearish weather forecasts. Demand is expected to remain low in the next two weeks.

If natural gas settles below the $2.60 level, it will head towards the next support at $2.35 – $2.40.

WTI Oil

WTI oil settled near the $90.00 level as traders waited for additional catalysts. Rising Treasury yields and stronger dollar have put some pressure on the oil markets today.

From the technical point of view, WTI oil has quickly stabilized after the pullback from multi-month highs. The near-term bullish trend remains intact.

Brent Oil

Brent oil declined below the $92.00 level as traders worried that rising interest rates will reduce demand for oil.

RSI has recently moved back into the moderate territory, so Brent oil has plenty of room to gain additional upside momentum in case the right catalysts emerge.

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