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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests New Highs
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Key Points:
- Natural gas pulled back as traders reacted to changes in weather forecasts.
- WTI oil tested new highs as U.S. and China lowered tariffs.
- Brent oil made an attempt to settle above the $66.00 level.
Natural Gas
Natural gas pulls back as traders focus on weather forecasts, which point to lower demand than previously expected.
If natural gas pulls back below the $3.60 level, it will head towards the support level at $3.35 – $3.40.
WTI Oil
WTI oil tested new highs as traders focused on the results of U.S. – China trade negotiations.
In case WTI oil settles above the $63.00 level, it will head towards the 50 MA at $64.42.
Brent Oil
Brent oil moved higher amid broad rally in the oil markets. It should be noted that Brent oil pulled back from session highs as traders took some profits off the table after the strong rebound from May lows.
In case Brent oil settles back above the $65.00 level, it will head towards the nearest resistance at $67.00 – $67.50.
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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