Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats Ahead Of The Weekend

Key Insights

• Natural gas settled above $2.80 as traders waited for catalysts. 
• WTI oil pulled back below the $75.00 level despite dovish comments from Fed Chair Powell. 
• Brent oil moved below $80.00 amid demand worries. 

Natural Gas

Natural gas remains stuck near the strong support level at $2.80 – $2.85 as traders wait for additional catalysts.

In case natural gas manages to settle back above the $2.85 level, it will head towards the next resistance at $3.00 – $3.05.

WTI Oil

WTI oil is losing ground as traders remain skeptical about the potential impact of OPEC+ production cuts.

In case WTI oil settles below the $75.00 level, it will head towards the nearest support at $73.00 – $74.00.

Brent Oil

Brent oil moved away from session highs and declined below the $80.00 level amid demand worries. U.S. dollar’s pullback, which was triggered by the dovish comments of Fed Chair Powell, did not provide support to the oil markets.

A move below the $80.00 level opens the way to the test of the support at $77.50 – $78.25.

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