Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats Amid Profit-Taking

Natural Gas

Natural gas rebounds as traders buy the dip despite low demand for natural gas. Traders bet that weather will be hotter in the second half of the month.

A successful test of the resistance at $3.60 – $3.65 will push natural gas towards the next resistance level at $3.95 – $4.00.

WTI Oil

WTI oil pulled back as traders remained worried about the negative impact of trade wars.

If WTI oil settles back below the support at $57.50 – $58.00, it will head towards the next support level, which is located in the $53.50 – $54.00 range.

Brent Oil

Brent oil made an attempt to settle above the resistance at $62.00 – $62.50, but lost momentum and pulled back.

If Brent oil declines below the $60.00 level, it will move towards the support level at $58.00 – $58.50.

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