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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats As Traders Shrug Off Geopolitical Tensions
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Key Points:
- Natural gas pulled back below the $3.40 level.
- WTI oil declined towards the $57.50 level as traders focused on supply/demand balance.
- Brent oil pulled back towards the $61.00 level.
Natural Gas
Natural gas remains under pressure amid lack of bullish catalysts. Currently, natural gas is moving towards the support level at $3.25 – $3.30.
In case natural gas declines below $3.25, it will head towards the next support at $3.05 – $3.10.
WTI Oil
WTI oil pulled back as traders continued to evaluate the potential impact of recent events in Venezuela.
If WTI oil settles below the $57.50 level, it will move towards the nearest support, which is located in the $55.50 – $56.00 range.
Brent Oil
Brent oil is moving lower amid broad pullback in the oil markets. Traders focus on rising supply.
A move below the $60.50 level will open the way to the test of December lows near the $59.00 level.
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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