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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Moves Lower As Treasury Yields Rise
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Key Points:
- Natural gas is moving towards the key support at $1.60 - $1.65.
- WTI oil pulled back as traders reacted to U.S. inflation reports.
- Brent oil did not manage to settle above the $83.00 level and pulled back.
Natural Gas
Natural gas remains under pressure amid concerns about weak demand. The recent production cuts did not provide support to prices.
In case natural gas settles below the nearest support at $1.60 – $1.65, it will gain additional downside momentum.
WTI Oil
WTI oil is swinging between gains and losses as traders react to U.S. inflation reports. Worries about hawkish Fed may put some pressure on the oil markets today.
The technical picture remains unchanged as WTI oil is stuck in a range below the key resistance at $79.00 – $80.00.
Brent Oil
Brent oil is losing ground after an unsuccessful attempt to settle above the $83.00 level.
At this point, Brent oil needs significant positive catalysts to climb above the resistance at $83.50 – $84.50.
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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