Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats As Traders Focus On China’s Property Sector

Key Insights

• Natural gas is losing ground as traders switch to the next contract. 
• WTI pulled back as traders focused on the news from China and ignored rising tensions in the Middle East. 
• Brent oil moved lower as traders took profits off the table after the recent rally. 

Natural Gas

Natural gas pulls back as traders switch to March contract. Warm weather forecasts remain the key negative catalyst for natural gas markets.

In case natural gas moves below the support at $1.95 – $2.00, it will head towards the next support level at $1.60 – $1.65.

WTI Oil

WTI oil moves lower as traders take profits after the recent rally. A Hong Kong court ordered liquidation of China Evergrande Group, which raised worries about the country’s property sector. Interestingly, traders ignored Houthis’ attack on a fuel tanker and an attack on U.S. personnel in Jordan.

From the technical point of view, traders decided to take some money off the table near the resistance at $79.00 – $80.00. At this point, the short-term trend remains intact.

Brent Oil

Brent oil  is moving lower amid profit-taking. It remains to be seen whether Brent oil will be able to gain sustainable downside momentum amid rising tensions in the Middle East.

RSI is in the moderate territory, and there is plenty of room to gain additional momentum in case the right catalysts emerge.

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