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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Dives Amid Demand Worries
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Key Points:
- Natural gas prices soared as traders focused on supply disruptions.
- WTI oil is losing ground as traders are disappointed by the latest stimulus plan from China.
- Brent oil is trying to settle below the $72.00 level.
Natural Gas
Natural gas rallied as traders focused on supply disruptions due to Storm Rafael. Short-covering may have served as an additional bullish catalyst for natural gas.
If natural gas stays above the $2.90 level, it will head towards the resistance at $3.00 – $3.05.
WTI Oil
WTI oil is under strong pressure as traders stay focused on China’s stimulus plan, which fell short of market expectations.
A move below the $68.00 level will lead to the test of the strong support level at $67.00 – $67.50.
Brent Oil
Brent oil is down by more than 2.5% amid broad sell-off in the oil markets.
In case Brent oil manages to settle below the support at $71.00 – $71.50, it will move towards the next support at $67.50 – $68.00.
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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