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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back As Traders Take Profits Near Multi-Week Highs
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Key Points:
- Natural gas is moving towards the support at $2.25 - $2.30.
- WTI oil declined below the $83.50 level as traders took some profits off the table ahead of the weekend.
- Brent oil pulled back below the $87.00 level.
Natural Gas
Natural gas remains under strong pressure as traders stay focused on supply glut. The recent EIA report served as an additional bearish catalyst for natural gas prices.
A move below the support at $2.25 – $2.30 will open the way to the test of the next support level at $2.00 – $2.05.
WTI Oil
WTI oil pulls back as traders take some profits off the table near multi-week highs. The U.S. Unemployment Rate report, which indicated that Unemployment Rate increased from 4% to 4.1%, may have served as an additional bearish catalyst for WTI oil.
The technical picture remains bullish but WTI oil needs to settle above the $84.50 level to have a chance to gain additional upside momentum.
Brent Oil
Brent oil made an attempt to settle above the $88.00 level but lost momentum and pulled back amid profit-taking.
RSI is in the moderate territory, so there is plenty of room to gain additonal upside momentum in case the right catalysts emerge next week.
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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