Natural Gas, WTI Oil, Brent Oil – Oil Markets Pull Back From Session Highs

Key Insights

• Natural gas pulled back due to warmer weather forecasts. 
• Oil markets gained downside momentum after the release of the disappointing economic data from the U.S. 
• Profit-taking served as an additional bearish catalyst for oil markets. 

Natural Gas

Natural gas  declined towards multi-month lows as traders focused on the recent changes in weather forecasts. The final days of the month are now forecasted to be warmer than previously expected, which is bearish for natural gas markets. RSI is close to the oversold territory, but there is enough room to gain additional downside momentum.

WTI Oil

WTI oil pulled back after touching new highs at $82.35 as traders focused on the disappointing economic data from the U.S. It looks that profit-taking served as an additional bearish catalyst for WTI oil.

Brent Oil

Brent oil has also found itself under pressure as traders focused on recession risks. The nearest significant support level for Brent oil is located at the 50 EMA at $84.65. In case Brent oil settles below the 50 EMA, it will gain additional downside momentum and move towards the 20 EMA at the $83 level.

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