Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rebounds From Weekly Lows

Key Insights

• Natural gas stays-range bound as traders focus on weak demand. 
• WTI oil is moving higher as traders bet on a rebound after the strong pullback. 
• Brent oil managed to climb back above the $78.00 level.

Natural Gas

Natural gas is losing some ground at the start of the week. Current demand for natural gas stays low, and traders are not inspired by colder trends in weather forecasts.

From the technical point of view, natural gas remains stuck in the $2.00 – $2.20 range.

WTI Oil

WTI oil rebounds as traders use the recent pullback as an opportunity to increase their long positions.

In case WTI oil climbs above the $74.00 level, it will move towards the resistance, which is located in the $79.00 – $80.00 range.

Brent Oil

Brent oil is trying to settle back above the $78.00 level, supported by the better-than-expected PMI data from developed countries.

A move above the 50 MA at $78.46 will open the way to the test of the resistance at $83.50 – $84.50.

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