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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats As Traders Focus On U.S. Jobs Data
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Key Points:
- Natural gas tested new lows as pullback continued.
- WTI oil pulled back as traders reacted to the Non Farm Payrolls report.
- Brent oil declined towards the $73.00 level.
Natural Gas
Natural gas tests new lows as pullback continues. Traders remain worried that demand will be weak due to mild weather.
RSI remains in the moderate territory, so there is enough room to gain additional downside momentum.
WTI Oil
WTI oil pulls back as traders react to the disappointing Non Farm Payrolls report and worry that the U.S. economy is slowing down.
In case WTI oil moves below the $69.00 level, it will head towards the support level at $67.00 – $67.50.
Brent Oil
Brent oil retreats as traders ignore reports indicating that Iran prepares a potential strike on Israel.
A move below the $73.00 level will push Brent oil towards the support at $71.00 – $71.50.
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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