Key Insights
- Natural gas prices waver despite high demand, influenced by cooler weather forecasts.
- China’s weaker Industrial Production and Retail Sales push WTI oil downwards.
- Brent oil faces strong headwinds due to China’s disappointing economic data.
Natural Gas
Natural gas pulled back as traders focused on cooler overnight trends in weather forecasts. The current demand for natural gas remains high, but it does not provide enough support to natural gas prices.
From the technical point of view, natural gas will likely try to settle in the $2.60 – $2.85 range in the near term.
WTI Oil
WTI oil retreats as traders react to the weaker-than-expected Industrial Production and Retail Sales reports from China. Consumer activity in China remains at low levels, which is bearish for oil markets.
If WTI oil manages to settle below the $80.85 level, it will head towards the next support, which is located in the $76.80 – $77.30 range.
Brent Oil
Brent oil has also found itself under strong pressure as traders focused on the disappointing data from China.
A successful test of the support at $85.10 – $86.00 will open the way to the test of the next support in the $81.70 – $82.85 range.
For a look at all of today’s economic events, check out our economic calendar.
