Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats Amid China Demand Worries

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.

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