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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests New Lows Amid Demand Worries
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Key Points:
- Natural gas failed to settle above $2.85 and pulled back towards the $2.60 level.
- WTI oil remained under pressure as traders focused on potential demand weakness.
- Brent oil pulled back below the $78.00 level.
Natural Gas
Natural gas retreats after an unsuccessful attempt to settle above the resistance at $2.80 – $2.85.
If natural gas settles below the $2.60 level, it will head towards the nearest support, which is located in the $2.45 – $2.50 range.
WTI Oil
WTI oil tests new lows as the pullback continues. Traders are worried that oil demand is not sufficiently strong to absorb the anticipated increase of production from OPEC+.
RSI is close to the oversold territory, but there is enough room to gain additional downside momentum in case the right catalysts emerge.
Brent Oil
Brent oil tested support at $76.00 – $77.00 as traders remained bearish amid demand worries.
A move below the $76.00 level will open the way to the test of the next support at $72.50 – $73.50.
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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