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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Gains Ground As Traders Focus On China
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Key Points:
- Natural gas pulls back as traders take profits and focus on weather forecasts.
- WTI oil moved higher as traders bet that China's stimulus measures would provide additional support to oil demand.
- Brent oil is trying to settle above the $75.00 level.
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.
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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