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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Dives 2.7% As Traders Focus On Supply/Demand Balance
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Key Points:
- Natural gas is trying to settle below the key support at $2.00 - $2.05.
- WTI oil pulled back below $77.00 as traders focused on demand outlook.
- Brent oil moved below the psychologically important $80.00 level.
Natural Gas
Natural gas is losing ground as traders react to the EIA report, which indicated that working gas in storage increased by 18 Bcf from the previous week.
In case natural gas settles below the $2.00 level, it will move towards the next support at $1.80 – $1.85.
WTI Oil
WTI oil retreats as traders shrug off worries about potential escalation in the Middle East and focus on demand/supply balance.
A move below the support at $75.50 – $76.50 will push WTI oil towards the next support at $71.50 – $72.50.
Brent Oil
Brent oil is losing ground amid broad pullback in the oil markets. It looks that yesterday’s rally was mostly driven by short-covering.
In case Brent oil settles below the $79.50 level, it will head towards the nearest support, which is located in the $77.00 – $78.00 range.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Vladimir Zernovauthor
Vladimir is an independent trader, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.
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