Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back As Manufacturing PMI Reports Paint A Bleak Picture

Key Insights

• Natural gas made an attempt to settle above the $2.65 level but lost momentum and pulled back towards $2.50.
• WTI oil moved away from session highs as traders focused on the weak manufacturing PMI reports. 
• Brent oil declined below the $77.00 level.

Natural Gas

Natural gas gained some ground as weather forecasts trended colder. However,  bulls are not convinced that weather will stay cold enough to boost demand.

From the technical point of view, natural gas remains stuck between the support at $2.40 and the resistance at $2.65.

WTI Oil

WTI oil moved lower as traders reacted to the disappointing PMI reports from developed countries. Economic worries offset the bullish impact from rising tensions in Red Sea.

If WTI oil settles below the $71.00 level, it will head towards the support at $67.50 – $68.50.

Brent Oil

Brent oil has also found itself under pressure amid demand worries. The situation in the manufacturing sector remains challenging in the U.S. and Europe, which is bearish for oil markets.

A move below the $76.00 level will open the way to the test of the support at $71.75 – $73.00.

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