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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Markets Remain Under Pressure
By:
Key Points:
- Natural gas tests new lows as traders focus on weather forecasts.
- WTI oil pulled back amid demand worries.
- Brent oil made an attempt to settle below the $73.50 level.
In this article:
Natural Gas
Natural gas is under strong pressure as traders focus on mild weather forecasts and bet on weaker demand.
The technical picture remains bearish as natural gas moved below the support at $2.40 – $2.45.
WTI Oil
WTI oil is losing ground as traders remain worried about the strength of demand in China and the economic weakness in Europe.
A move below the $70.00 level will push WTI oil towards the next support level, which is located in the $67.00 – $67.50 range.
Brent Oil
Brent oil pulled back amid lack of positive catalysts. Stronger dollar put additional pressure on the oil markets today.
RSI remains in the moderate territory, so there is plenty of room to gain additional downside momentum in case the right catalysts emerge.
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 and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.
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