Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back From Session Highs Amid Profit-Taking

By:Vladimir Zernov

Published: Sep 18, 2023, 18:08 UTC•1min read

Oil markets look overbought but fundamentals remain bullish.

Mentioned in Article

Natural Gas

$2.7145

-0.42%

WTI Oil

$91.178

-1.04%

Brent Oil

$92.819

-1.12%

Natural Gas, WTI Oil, Brent Oil Forecasts

Key Insights

Natural gas remains range-bound between the support at $2.60 and the resistance at $2.85.
WTI oil is moving lower, RSI signals potential for a pullback.
Brent oil faced significant resistance near the $95 level.

Natural Gas

Natural Gas 180923 Daily Chart

Natural Gas rebounds despite bearish changes in weather forecasts as traders focus on rising LNG exports.

From the technical point of view, natural gas is stuck in the range between the support at $2.60 and the resistance at $2.85.

WTI Oil

WTI Oil 180923 Daily Chart

WTI oil pulled back from session highs as traders took some profits off the table after the strong rally.

RSI is in the overbought territory, so the risks of a technical pullback are rising day by day.

Brent Oil

Brent Oil 180923 Daily Chart

Brent oil has also moved lower after an unsuccessful attempt to settle above the psychologically important $95 level.

Brent oil looks overbought so traders will be extremely sensitive to any bearish news. The Fed decision, which will be released on Wednesday, will also serve as an important catalyst for Brent oil.

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