Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats As Traders Stay Focused On China’s Problems

Natural Gas

Natural gas rebounds as traders focus on the restart of Freeport LNG, which is expected to boost demand.

In case natural gas settles back above the $2.20 level, it will move towards the nearest resistance, which is located in the $2.25 – $2.30 range.

WTI Oil

WTI oil remains under pressure as traders stay focused on the disappointing economic data from China.

The nearest support level for WTI oil is located in the $79.00 – $80.00 range. A move below this level will provide WTI oil with an opportunity to gain additional downside momentum.

Brent Oil

Brent oil tests new lows amid demand worries. Global markets expect that Fed will start cutting rates soon, but these hopes do not provide sufficient support to oil markets.

In case Brent oil declines below the 50 MA at $83.50, it will head towards the nearest support at $81.50 – $82.00.

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