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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back As U.S. Dollar Rebounds
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Key Points:
- Natural gas made an attempt to settle below the $1.65 level.
- WTI oil pulled back amid profit-taking.
- Brent oil declined below the $86.00 level as U.S. dollar gained ground against a broad basket of currencies.
Natural Gas
Natural gas remains stuck above the key support at $1.60 – $1.65. Most likely, natural gas markets will need additional catalysts to gain momentum.
From the technical point of view, natural gas settled in the $1.65 – $1.77 range. This is a dangerous moment for natural gas bulls as a move below $1.65 may trigger a sell-off.
WTI Oil
WTI oil is moving lower as traders continue to take profits after the recent move. The Fed decision and the subsequent commentary did not provide support to WTI oil.
WTI oil needs to stay above the nearest support at $79.00 – $80.00 to have a chance to gain sustainable upside momentum in the near term.
Brent Oil
Brent oil declined amid a broad pullback in the oil markets. U.S. dollar’s rebound put additional pressure on Brent oil today.
The current pullback looks healthy as traders need to take profits after the strong rebound from February lows. However, Brent oil must stay above the $85.00 level to maintain the bullish trend.
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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