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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats On Tariff Worries
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Key Points:
- Natural gas remains under pressure as traders react to bearish weather forecasts.
- WTI oil is losing ground as traders doubt that U.S. will reach deals with key trade partners.
- Brent oil attempts to settle below the support at $67.50 - $68.00.
Natural Gas
Natural gas tests new lows as traders stay focused on bearish weather forecasts, which indicate that demand would be lower than previously expected.
A move below the $3.20 level will push natural gas towards the support level at $3.00 – $3.05.
WTI Oil
WTI oil is losing ground as traders focus on the tariff deadline. Traders are nervous ahead of the August 1 deadline, which could lead to higher tariffs and hurt global economic growth.
If WTI oil stays below the support at $66.00 – $66.50, it will head towards the next support level at $62.00 – $62.50.
Brent Oil
Brent oil is under pressure amid broad pullback in the oil markets, which was triggered by tariff worries.
A successful test of the support at $67.50 – $68.00 will push Brent oil towards the next support at $63.50 – $64.00.
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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