Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Gains Ground As Traders Focus On China

Natural Gas

Natural gas pulled back as traders focused on weather forecasts, which indicated that the developing storm in the Gulf of Mexico would likely miss Lousiana’s production zones.

From the technical point of view, natural gas needs to stay above the $2.55 level to have a chance to gain additional upside momentum in the near term.

WTI Oil

WTI oil tested resistance at $72.00 – $72.50 as traders focused on China’s stimulus measures, which could boost the country’s economy and provide additional support to oil demand.

A move above the $72.50 level will push WTI oil towards the 50 MA at $74.26.

Brent Oil

Brent oil has also managed to gain upside momentum as traders focused on the news from China.

If Brent oil stays above the $75.00 level, it will head towards the resistance at $77.00 – $77.50.

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