Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats Amid Worries About The Slowdown Of The European Economy

Natural Gas

Natural gas rallied despite the bearish EIA report, which indicated that working gas in storage increased by +80 Bcf from the previous week.

A move above the $2.50 level opens the way to the test of the resistance at $2.60 – $2.65.

WTI Oil

WTI oil pulls back as traders focus on the weak economic data from Europe. The slowdown of the European economy may reduce demand for oil.

If WTI oil declines below the $70.00 level, it will move towards the support at $67.00 – $67.50.

Brent Oil

Brent oil is losing ground amid broad pullback in the oil markets. At this point, Brent oil needs material positive catalysts to climb above the resistance at $77.00 – $77.50.

On the support side, Brent oil needs to settle below the recent lows at $72.50 to gain additional downside momentum.

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