Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back As China’s GDP Misses Estimates

Natural Gas

Natural gas is losing ground as traders focus on Freeport LNG terminal outage, which reduces demand for natural gas.

In case natural gas stays below the $2.25 level, it will head towards the support at $2.00 – $2.05.

WTI Oil

WTI oil is losing ground as traders react to disappointing economic reports from China. The country’s GDP Growth Rate was 4.7% in the second quarter, compared to analyst consensus of 5.1%. Retail Sales increased by 2% year-over-year in June, while analysts expected that they would grow by 3.3%.

If WTI oil settles below the $81.50 level, it will continue to move towards the nearest support at $79.00 – $80.00.

Brent Oil

Brent oil is moving lower amid concerns about the strength of demand in China.

A successful test of the support at $84.50 – $85.00 will push Brent oil towards the next support level at $81.50 – $82.00.

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