Advertisement
Advertisement
Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats As Traders Focus On OPEC Report
By:
Key Points:
- Natural gas tests new lows as pullback continues.
- WTI oil declined as traders focused on rising production from Saudi Arabia.
- Brent oil pulled back towards the $66.00 level.
Natural Gas
Natural gas is under pressure as traders focus on strong production and bearish weather forecasts.
A successful test of the support at $2.70 – $2.75 will push natural gas towards the $2.50 level.
WTI Oil
WTI oil pulls back as traders react to OPEC report, which indicated that Saudi Arabia raised production by 170,000 bpd in July.
A move below the $63.00 level will push WTI oil towards the support at $60.00 – $60.50.
Brent Oil
Brent oil declined towards the $66.00 level amid broad pullback in the oil markets.
From a big picture point of view, oil markets need significant positive catalysts to break the current bearish trend.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Vladimir Zernovauthor
Vladimir is an independent trader, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.
Advertisement