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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests New Lows As Traders Focus On Rising OPEC+ Supply
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Key Points:
- Natural gas rebounds as traders focus on hotter weather forecasts.
- WTI oil is under pressure as traders react to rising supply from OPEC+.
- Brent oil is trying to settle below the $67.50 level.
Natural Gas
Natural gas rebounds from multi-month lows as traders bet that hotter weather will boost demand at the end of the week.
A move above the $3.05 level will push natural gas towards the $3.20 level.
WTI Oil
WTI oil tests new lows as traders focus on rising OPEC+ supply and ignore the threat of new sanctions on Russia.
In case WTI oil stays below the support at $66.00 – $66.50, it will move towards the next support at $60.00 – $60.50.
Brent Oil
Brent oil tests support at $67.50 – $68.00 amid demand concerns. Traders do not believe that Russian oil supplies will be disrupted.
RSI is in the moderate territory, and there is plenty of room to gain additional downside momentum in the near term.
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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