Key Insights
- Natural gas is losing ground as traders focus on mild weather forecasts.
- WTI oil moved towards the $86.00 level.
- Brent oil settled below the psychologically important $90.00 level.
Natural Gas
Natural gas prices continue to move lower as weather patterns remain bearish. The weather is expected to stay mild in the next two weeks.
While some traders will likely prefer to take profits near the support at $3.00 – $3.05, a move below $3.00 will provide natural gas with an opportunity to gain additional downside momentum.
WTI Oil
WTI oil remains under pressure as traders bet that U.S. diplomatic efforts will prevent an escalation of the conflict in the Middle East.
If WTI oil settles below $86.00, it will move towards the support, which is located near recent lows at $80.50 – $82.00.
Brent Oil
Brent oil is also losing ground as traders continue to take profits after the recent spike.
Any signs of escalation of the conflict in the Middle East may lead to another spike, so it remains to be seen whether oil prices will gain sustainable downside momentum in the upcoming trading sessions.
For a look at all of today’s economic events, check out our economic calendar.
