Natural Gas, WTI Oil, Brent Oil Forecasts – WTI Oil Dives 5% On Demand Worries

Natural Gas

Natural gas gains ground as the rebound continues. From the technical point of view, natural gas is moving towards the resistance at $2.25 – $2.30.

In case natural gas climbs above $2.30, it will head towards the next resistance level at $2.55 – $2.60.

WTI Oil

WTI oil tests new lows as traders focus on the potential return of Libyan oil exports. China’s economic problems also serve as an important bearish catalyst for oil markets.

A move below the $70.00 level will open the way to the test of the support at $68.00 – $68.50.

Brent Oil

Brent oil settled below the $75.00 level as traders worried that OPEC+ will raise production despite weak demand. According to recent reports, OPEC+ is expected to raise output in October.

It should be noted that RSI remains in the moderate territory despite the strong sell-off, so there is plenty of room to gain additional downside momentum.

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