Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Prices Collapse On China’s Retaliatory Tariffs

Natural Gas

Natural gas retreats as traders focus on global market sell-off and react to the recent EIA report, which showed that working gas in storage increased by +29 Bcf.

A move below the 50 MA at $3.85 will push natural gas towards the support level at $3.70 – $3.75.

WTI Oil

WTI oil is under strong pressure as China imposed retaliatory tariffs on the U.S. A trade war between the world’s biggest economies may crush demand for oil.

RSI remains in the moderate territory despite the sell-off, so there is enough room to gain additional downside momentum in the near term.

Brent Oil

Brent oil tested multi-year lows as traders reacted to China’s decision to impose tariffs on U.S. goods.

In case Brent oil settles below the $65.00 level, it will head towards the next support level, which is located in the $62.00 – $62.50 range.

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