Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rebounds As Traders Prepare For Rate Cuts

Natural Gas

Natural gas tests support at $2.00 – $2.05 as traders stay focused on the bearish EIA report, which was released on Thursday.

A move below the $2.00 level will push natural gas towards the next support level, which is located in the $1.80 – $1.85 range.

WTI Oil

WTI oil  rebounds as Fed Chair Powell signaled that Fed will start cutting rates at the next meeting.

The nearest resistance level for WTI oil is located in the $75.50 – $76.00 range. A move above the $76.00 level will push WTI oil towards the next resistance at $79.50 – $80.00.

Brent Oil

Brent oil rallied, supported by weak U.S. dollar and Powell’s dovish comments.

If Brent oil manages to settle above the psychologically important $80.00 level, it will move towards the nearest resistance at $81.50 – $82.00.

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