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

By:
Vladimir Zernov

OPEC+ production cuts, which were announced on Thursday, did not provide support to oil markets.

Natural Gas, WTI Oil, Brent Oil Forecasts

In this article:

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
Natural Gas 011223 Daily Chart

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
WTI Oil 011223 Daily Chart

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
Brent Oil 011223 Daily Chart

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.

About the Author

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.

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