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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Dives 3.5% As Traders Focus On China Tariffs
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Key Points:
- Natural gas suffered a sell-off as traders reacted to the EIA report.
- WTI oil pulled back towards the $60.00 level.
- Brent oil settled below the $64.00 level.
Natural Gas
Natural gas is under strong pressure as traders react to EIA report, which indicated that working gas in storage increased by +57 Bcf from the previous week.
A move below the $3.50 level will push natural gas towards the support at $3.35 – $3.40.
WTI Oil
WTI oil pulled back as traders focused on China tariffs. At this point, tariffs on China total as much as 145%.
If WTI oil settles below the $60.00 level, it will head towards the nearest support at $57.50 – $58.00.
Brent Oil
Brent oil has also suffered a sell-off amid worries that U.S. and China will not reach a deal in the near term.
RSI has recently moved back into the moderate territory, so there is plenty of room to gain momentum in the near term.
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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