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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rebounds As Traders Focus On Potential Hurricane In The Gulf Of Mexico
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Key Points:
- Natural gas declined as traders bet that potential hurricane would hurt demand.
- WTI oil gained ground amid worries about U.S. Gulf of Mexico oil production.
- Brent oil made an attempt to settle above the $72.00 level.
Natural Gas
Natural gas pulls back as traders focus on the impact of Tropical Storm Francine, which is forecasted to become a hurricane. Traders expect that natural gas demand would fall, which is bearish for natural gas prices.
In case natural gas settles below the 50 MA at $2.17, it will move towards the support at $2.00 – $2.05.
WTI Oil
WTI oil rebounds as traders focus on the potential hurricane in the Gulf of Mexico.
From the technical point of view, WTI oil found some support near the $68.00 level.
Brent Oil
Brent oil is also moving higher, supported by news from Libya. National Oil Corp of Libya declared force majeure on several cargoes, raising worries about oil exports from the country.
A move above the $72.00 level will lead to the test of the nearest resistance at $72.50 – $73.00.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Vladimir Zernovauthor
Vladimir is an independent trader, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.
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