Natural Gas, WTI Oil, Brent Oil Forecasts – WTI Oil Dives 4.8% As Saudi Arabia Cuts Prices For February

Key Insights

• Natural gas pulled back after an unsuccessful attempt to climb above $2.85.
• WTI oil gained strong downside momentum as traders reacted to price cuts from Saudi Arabia. 
• Brent oil pulled back below the $76.00 level.

Natural Gas

Natural gas is losing ground as the recent changes in weather forecasts indicate moderate demand in the upcoming week.

From the technical point of view, natural gas made an attempt to settle above the $2.85 level but lost momentum and pulled back.

WTI Oil

WTI oil gained strong downside momentum as Saudi Arabia reduced prices for February delivery.

In case WTI oil settles below the psychologically important $70.00 level, it will head towards the support at $67.50 – $68.50.

Brent Oil

Brent oil pulled back as traders focused on Saudi Arabia’s decision. According to recent reports, prices for Asian customers were cut by $2 per barrel.

A move below the $75.00 level will open the way to the test of the support at $71.75 – $73.00.

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