Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats On Demand Concerns

Key Insights

• Natural gas rebounded towards the $3.25 level as traders focused on the bullish changes in weather forecasts. 
• WTI oil pulled back below $77.50 as traders reacted to the EIA report. 
• Brent oil settled below the $82.00 level. 

Natural Gas

Natural gas is gaining ground as traders react to the colder pattern in weather forecasts.

In case natural gas settles above the $3.25 level, it will head towards the nearest significant resistance at $3.60 – $3.75.

WTI Oil

WTI oil pulls back amid demand concerns. The EIA report highlighted declining gasoline inventories but also showed a significant growth in crude inventories.

If WTI oil settles below the support at $76.50, it will move towards the next support level at $73.00 – $74.00.

Brent Oil

Brent oil is also losing ground amid a broad pullback in the oil markets. Traders remain worried about demand despite better-than-expected economic data from China.

A successful test of the support at $80.50 – $81.75 will open the way to the test of the next support level at $77.50 – $78.25.

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