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Natural Gas, WTI Oil, Brent Oil Forecasts – China Clouds Oil’s Horizon

By:
Vladimir Zernov
Published: Aug 14, 2023, 18:50 GMT+00:00

Oil markets are moving lower as traders worry about weakening demand in China.

WTI Oil

In this article:

Key Insights

  • Natural gas edges closer to a key resistance range of $2.80 – $2.85, as traders bet on a potential demand surge.
  • WTI oil pulls back as traders wait for fresh catalysts.
  • Brent oil declines amid signs of reduced demand in China. 

Natural Gas

Natural Gas
Natural Gas 140823 Daily Chart

Natural gas continues its attempts to settle back above the resistance at $2.80 – $2.85 as traders bet on the potential demand surge.

If natural gas settles above the $2.85 level, it will head towards the next resistance in the $3.05 – $3.10 range.

WTI Oil

WTI Oil
WTI Oil 140823 Daily Chart

WTI oil  pulled back as traders waited for new catalysts. Worries about the economic situation in China have also put some pressure on the oil markets.

From the technical point of view, WTI oil is stabilizing above the support in the $80.85 – $81.75 range.

Brent Oil

Brent Oil
Brent Oil 140823 Daily Chart

Brent oil tested support at $85.10 – $86.00 as traders focused on the signs of weakening demand in China.

At this point, the pullback looks healthy as traders want to take some profits off the table near multi-month highs.

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

About the Author

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.

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