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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 GMT+00:00

Oil markets look overbought but fundamentals remain bullish.

Natural Gas, WTI Oil, Brent Oil Forecasts

In this article:

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
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
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
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.

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

About the Author

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.

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