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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats As Traders Focus On Rising Supply
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Key Points:
- Natural gas is under strong pressure as traders react to bearish weather forecasts.
- WTI oil declined towards the $58.00 level as traders worried about rising supply.
- Brent oil pulled back towards the $62.00 level.
Natural Gas
Natural gas remains under pressure as traders rush out of their long positions amid warmer weather forecasts.
A successful test of the support at $4.70 – $4.75 will open the way to the test of the next support level at $4.40 – $4.45.
WTI Oil
WTI oil is losing ground amid supply glut worries. Traders also focus on the upcoming Fed decision, which will be released tomorrow.
In case WTI oil declines below the $58.00 level, it will move towards the support at $55.50 – $56.00.
Brent Oil
Brent oil declined towards the $62.00 level amid broad pullback in the oil markets.
In case Brent oil settles below $62.00, it will head towards the support at $60.50 – $61.00.
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.
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