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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back As Dollar Rebounds
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Key Points:
- Natural gas moved lower amid profit-taking.
- WTI oil is losing ground as traders react to strong dollar and rising Treasury yields.
- Brent oil is trying to settle below the $72.50 level.
Natural Gas
Natural gas tested new highs but lost momentum and pulled back as traders rushed to take profits off the table after the strong rally.
In case natural gas settles back below the support at $3.55 – $3.60, it will head towards the next support level at $3.20 – $3.25.
WTI Oil
WTI oil is losing ground as traders focus on the continuation of U.S. dollar’s rally and react to rising Treasury yields.
If WTI oil settles below the $69.00 level, it will head towards the support level at $67.00 – $67.50.
Brent Oil
Brent oil is losing ground amid demand worries. It remains to be seen whether traders are ready for big moves ahead of Christmas.
From the technical point of view, Brent oil needs to settle below the support at $71.00 – $71.50 to gain additional downside 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, 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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