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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rebounds From Multi-Month Lows
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Key Points:
- Natural gas retreats amid rising production levels.
- WTI oil found support near $76.00 and climbed back above the $77.50 level.
- Brent oil climbed back above $82.00.
Natural Gas
Natural gas is under strong pressure as traders react to the increase in production.
A move below the support at $2.45 – $2.50 will push natural gas towards the 50 MA at $2.23.
WTI Oil
WTI oil rebounds as traders use the pullback as an opportunity to increase their long positions.
From the technical point of view, WTI oil needs to settle above the $80.00 level to have a chance to gain upside momentum.
Brent Oil
Brent oil is moving higher amid a broad rebound in the oil markets. U.S. dollar’s pullback provided additional support to commodities in today’s trading session.
Brent oil received support near the $81.00 level and is heading towards the nearest resistance, which is located in the $83.50 – $84.50 range.
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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