Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back Amid Demand Concerns

Key Insights

• Natural gas retreats due to bearish changes in weather forecasts. 
• WTI oil did not manage to gain upside momentum despite Houthis’ attacks on vessels. 
• Brent oil moved back below the $78.00 level. 

Natural Gas

Natural gas dives due to warmer weather outlook. The weather is expected to be warmer than previously expected at the end of the month.

RSI is in the moderate territory, so there is plenty of room to gain additional downside momentum.

WTI Oil

WTI oil pulls back despite rising tensions in the Middle East. Traders bet that oil production would not be disrupted despite Houthis’ attacks on vessels.

From the technical point of view, WTI oil remains stuck below the key resistance at $73.00 – $74.00.

Brent Oil

Brent oil has also failed to gain upside momentum amid demand worries.

Brent oil must settle above the 50 MA to have a chance to gain sustainable momentum in the near term.

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