Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Markets Retreat After U.S. PPI Report

Natural Gas

Natural gas pulls back as traders take some profits off the table near multi-week highs.

The technical picture remains bullish as natural gas has recently settled above the 50 MA.

WTI Oil

WTI oil pulls back as traders focus on the U.S. PPI report, which exceeded analyst estimates.

A move below the $77.50 level will open the way to the test of the nearest support level at $74.50 – $75.50.

Brent Oil

Brent oil retreats amid a broad pullback in the oil markets. Traders are worried about potential slowdown of the U.S. economy.

If Brent oil declines below the $82.00 level, it will head towards the next support at $80.00 – $81.00.

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