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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rebounded From Session Lows Despite Trump’s Tariff Threat
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Key Points:
- Natural gas attempts to settle below the $3.70 level.
- WTI oil moved away from session lows as some traders were ready to buy the dip.
- Brent oil made an attempt to settle back above the $65.00 level.
Natural Gas
Natural gas tests support at $3.70 – $3.75 as traders stay bearish amid lack of positive catalysts.
In case this test is successful, natural gas will move towards the next support level at $3.35 – $3.40.
WTI Oil
WTI oil remains under strong pressure as traders focus on trade wars. Donald Trump threatened to impose an additional 50% tariff on China, and traders are worried that trade wars will hurt demand for oil.
It should be noted that RSI is in the oversold territory, so the risks of a rebound are increasing.
Brent Oil
Brent oil moved lower amid demand worries. Oil market dynamics will remain dependent on tariff news in the near term.
If Brent oil manages to settle back above the $65.00 level, it will head towards the nearest resistance level at $67.00 – $67.50.
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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