Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests New Lows As IEA Cuts Demand Growth Forecast

Natural Gas

Natural gas is losing ground as weather forecasts stay bearish. Current demand for natural gas is low, which puts additional pressure on prices.

A move below the support at $3.00 – $3.05 will provide natural gas with an opportunity to gain additional downside momentum.

WTI Oil

WTI oil tested new lows as IEA raised its global oil supply forecast. Rising tensions between the U.S. and China served as an additional bearish catalyst for oil markets.

In case WTI oil settles below the $58.00 level, it will head towards the support level, which is located in the $55.50 – $56.00 range.

Brent Oil

Brent oil moved lower amid worries about supply glut. It should be noted that IEA has also cut its demand growth forecast, which served as an additional bearish catalyst for oil markets.

A move below the $62.00 level will push Brent oil towards the support at $60.50 – $61.00.

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