Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Dives 4% On Demand Concerns

Key Insights

• Natural gas remains under pressure amid a lack of upside catalysts. 
• WTI oil tests multi-month lows despite the recent attack on Norwegian tanker. 
• Brent oil pulled back towards the $73.00 level. 

Natural Gas

Natural gas  continues its attempts to settle below the support at $2.40 – $2.45 as weather forecasts remain bearish.

Traders should note that RSI is in the oversold territory, so the risks of a pullback are increasing.

WTI Oil

WTI oil tests new lows as traders stay focused on demand concerns. Interestingly, an attack on Norwegian tanker by Yemen’s Houthis did not provide any support to oil prices.

If WTI oil settles below the support at $67.50 – $68.50, it will head towards the next support level at $64.00 – $64.50.

Brent Oil

Brent oil  retreats as traders bet that oil demand will remain weak in the near term.

A successful test of the support at $71.75 – $73.00 will push Brent oil towards the next support at $67.50 – $68.00.

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