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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests New Lows As China Demand Worries Persist

By:
Vladimir Zernov

Oil prices are moving lower as China's crude oil imports declined by 9% in November.

Natural Gas, WTI Oil, Brent Oil Forecasts

In this article:

Key Insights

  • Natural gas remained under pressure after the EIA report. 
  • WTI oil made an attempt to settle below the $69.00 level. 
  • Brent oil pulled back as traders remained focused on the challenging situation in China. 

Natural Gas

Natural Gas
Natural Gas 071223 Daily Chart

Natural gas is losing some ground as traders react to the EIA report, which showed that working gas in storage declined by 117 Bcf from the previous week.

From the technical point of view, RSI is close to the oversold territory, so the risks of a rebound are increasing.

WTI Oil

WTI Oil
WTI Oil 071223 Daily Chart

WTI oil remains under pressure after the recent sell-off. China’s crude oil imports declined in November, which is bearish for oil markets.

The key question is whether bulls are ready to bet on a rebound as WTI oil is close to a strong support level at $67.50 – $68.50.

Brent Oil

Brent Oil
Brent Oil 071223 Daily Chart

Brent oil is also moving lower in today’s trading session. Brent oil made an attempt to rebound but lost momentum and pulled back as traders remained focused on weak demand.

In case Brent oil declines below the $74.00 level, it will head towards the nearest support at $71.75 – $73.00.

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

About the Author

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.

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