Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rebounds After Sell-Off

Key Insights

• Natural gas tests support at $3.00 – $3.05 as traders stay focused on bearish weather forecasts. 
• WTI oil is moving higher as short sellers take some profits off the table after the recent sell-off. 
• Brent oil moved back above the psychologically important $80.00 level. 

Natural Gas

Natural gas prices continue to move lower in absence of bullish catalysts. The weather forecasts remain uninspiring, and the current demand for natural gas is low.

Currently, natural gas is trying to settle below the support at $3.00 – $3.05. In case this attempt is successful, natural gas will move towards the next support in the $2.80 – $2.85 range.

WTI Oil

WTI oil gains ground as traders take some profits off the table after the strong pullback.

In case WTI oil manages to climb back above the $77.50 level, it will move towards the resistance at $80.50 – $82.00.

Brent Oil

Brent oil climbed back above the $80 level amid short-covering and dip-buying.

A move above the $81.75 level will open the way to the test of the resistance at $84.00 – $85.30.

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