Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests Multi-Month Lows

Key Insights

• Natural gas pulled back towards the support at $3.05.
• WTI oil tested new lows as API data showed a significant increase in crude inventories. 
• Brent oil declined below the $80.00 level amid a strong sell-off in the oil markets. 

Natural Gas

Natural gas is losing ground as traders focus on warm weather and high production forecasts.

A move below the support at $3.00 – $3.05 will open the way to the test of the next support level at $2.80 – $2.85.

WTI Oil

WTI oil retreats as traders react to API data, which indicated that crude inventories increased by 11.9 million. EIA data will not be released this week due to a planned systems upgrade.

In case WTI oil settles below the $75.00 level, it will get to the test of the next support level, which is located in the $73.00 – $74.00 range.

Brent Oil

Brent oil  dived below the psychologically important $80.00 level on demand concerns.

If Brent oil stays below the $80.00 level, it will head towards the support at $77.50 – $78.25.

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