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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats On Profit-Taking
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Key Points:
- Natural gas is moving towards the $3.50 level.
- WTI oil made an attempt to settle above the $66.00 level.
- Brent oil pulled back after an unsuccessful attempt to settle above the $68.00 level.
Natural Gas
Natural gas remains under pressure amid lack of support from weather forecasts.
In case natural gas stays below the $3.60 level, it will head towards the next support level at $3.35 – $3.40.
WTI Oil
WTI oil tested new highs but lost momentum and pulled back as traders have started to take profits near multi-week highs.
A move below the $64.00 level will push WTI oil towards the support level at $62.50 – $63.00.
Brent Oil
Brent oil made an attempt to settle above the resistance at $67.00 – $67.50 but failed to develop sufficient momentum and pulled back.
In case Brent oil stays below the $67.00 level, it will head towards the 50 MA at $65.16.
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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