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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats Amid Demand Worries
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Key Points:
- Natural gas did not manage to settle above the $4.60 level.
- WTI oil pulled back as traders remained focused on trade wars.
- Brent oil declined towards the $69.00 level.
Natural Gas
Natural gas made an attempt to settle above the resistance at $4.55 – $4.60 but lost momentum and pulled back towards the $4.50 level.
In case natural gas settles back below $4.50, it will head towards the support at $4.25 – $4.30.
WTI Oil
WTI oil is losing ground as traders worry that tariffs will put material pressure on demand for oil.
In case WTI oil settles below the $65.00 level, it will head towards the support level at $62.50 – $63.00.
Brent Oil
Brent oil is under pressure amid demand worries. The strong sell-off in U.S. equity markets served as an additional bearish catalyst for oil markets in today’s trading session.
A move below the $69.00 level will open the way to the test of the support at $67.00 – $67.50.
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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