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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Dives Amid Broad Sell-Off In Commodity Markets
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Key Points:
- Natural gas is under strong pressure as traders react to warm weather forecasts.
- WTI oil declined below the $73.00 level.
- Brent oil is trying to settle below the $77.00 level as pullback continues.
Natural Gas
Natural gas is under strong pressure as traders react to warmer weather forecasts, which indicate that demand for natural gas will decline.
In case natural gas settles below the support at $3.55 – $3.60, it will move towards the next support level at $3.20 – $3.25.
WTI Oil
WTI oil tests new lows as traders focus on the strong sell-off in U.S. equity markets.
In case WTI oil settles below the support at $73.00 – $73.50, it will move towards the 50 MA at $71.70.
Brent Oil
Brent oil is under pressure amid broad sell-off in commodity markets. RSI remains in the moderate territory, and there is plenty of room to gain momentum in the near term.
If Brent oil stays below the $77.00 level, it will head towards the 50 MA at $75.08.
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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