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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats Amid China Demand Worries
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Key Points:
- Natural gas continues to rebound as traders bet that Freeport LNG restart would boost demand.
- WTI oil settled below the $79.00 level as traders remained focused on problems of China's economy.
- Brent oil made an attempt to settle below the $82.00 level.
Natural Gas
Natural gas rallies as traders focus on the restart of Freeport LNG and bet that demand would increase.
In case natural gas climbs above the resistance at $2.25 – $2.30, it will move towards the next resistance level at $2.50 – $2.55.
WTI Oil
WTI oil pulls back as traders focus on problems of China’s economy. China’s central bank cut one-year and five-year loan prime rates to boost economy, and traders worry that China’s demand for oil would be weaker than previously expected.
If WTI oil stays below the $79.00 level, it will head towards the next support at $75.50 – $76.50.
Brent Oil
Brent oil tests new lows amid demand worries. Rising tensions in the Middle East did not provide support to oil markets as traders focused on supply/demand balance.
A move below the support at $81.50 – $82.50 will push Brent oil towards the next support level at $77.00 – $78.00.
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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