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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back Amid Demand Worries
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Key Points:
- Natural gas pulled back towards $2.25 amid profit-taking.
- WTI oil moved lower as traders reacted to the weaker-than-expected Michigan Consumer Sentiment report.
- Brent oil declined towards the $83.00 level.
Natural Gas
Natural gas pulls back as traders take some profits off the table ahead of the weekend.
RSI remains in the moderate territory, so there is plenty of room to gain additional upside momentum in case the right catalysts emerge.
WTI Oil
WTI oil pulls back after an unsuccessful attempt to settle above the $80.00 level. The disappointing Michigan Consumer Sentiment report and rising Treasury yields served as bearish catalysts for WTI oil.
From the technical point of view, WTI oil needs to settle above the resistance at $79.00 – $80.00 to have a chance to gain sustainable momentum.
Brent Oil
Brent oil is losing ground amid a broad pullback in the oil markets. Geopolitical premium for oil has declined, and the market needs additional positive catalysts to move higher.
In case Brent oil settles below the $83.00 level, it will move towards the nearest support at $80.00 – $81.00.
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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