Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats As China’s Manufacturing Sector Remains Under Pressure

Key Insights

• Natural gas is trying to settle above the $2.10 level despite bearish weather forecasts. 
• WTI oil is moving lower after the release of the EIA report. 
• Brent oil declined below the $81.00 level as traders focused on the disappointing economic data from China. 

Natural Gas

Natural gas gains ground in today’s trading session but weather forecasts remain bearish.

A move above the $2.20 level will open the way to the test of the next resistance at $2.45 – $2.50.

WTI Oil

WTI oil pulls back as traders react to the EIA report, which showed that crude inventories increased by 1.2 million barrels from the previous week.

If WTI oil settles below the $76.00 level, it will head towards the next support at $73.00 – $74.00.

Brent Oil

Brent oil retreats as traders remain worried about the health of the Chinese economy. China’s Manufacturing PMI increased from 49 in December to 49.2 in January but remained in the contraction territory.

A move below the $81.00 level will open the way to the test of the psychologically important $80.00 level.

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