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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back Amid Profit-Taking
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Key Points:
- Natural gas tests new lows as traders focus on rising production.
- WTI oil failed to settle above the resistance at $84.50.
- Brent oil pulled back towards the $86.00 level.
In this article:
Natural Gas
Natural gas remains under strong pressure as traders stay focused on rising production.
If natural gas stays below the $2.50 level, it will head towards the next support level, which is located in the $2.25 – $2.30 range.
WTI Oil
WTI oil made an attempt to settle above the $84.50 level but lost momentum and pulled back as traders decided to take some profits off the table near multi-week highs.
A move above the $84.50 level will push WTI oil towards the next resistance level at $87.00 – $87.50.
Brent Oil
Brent oil has also moved lower amid profit-taking. It remains to be seen whether oil markets will find sufficient drivers ahead of the U.S. Independence Day.
The technical picture remains bullish. RSI is in the moderate territory, and there is plenty of room to gain momentum.
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 and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.
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