Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats As China’s Retail Sales Miss Expectations

By:

Vladimir Zernov

Published: Dec 16, 2024, 19:06 GMT+00:00

Key Points:

Natural gas moved lower as weather forecasts trended warmer.
WTI oil pulled back as traders focused on China's economic reports.
Brent oil declined below the $74.00 level.

Natural Gas

Natural Gas 161224 Daily Chart

Natural gas is losing ground as traders focus on the changes in weather forecasts, which trended warmer over the weekend.

In case natural gas settles below the support at $3.20 – $3.25, it will head towards the next support level at $2.95 – $3.00.

WTI Oil

WTI Oil 161224 Daily Chart

WTI oil is losing some ground as traders react to the weaker-than-expected Retail Sales report from China, which indicated that the country did not manage to boost consumer spending.

Most likely, WTI oil will need additional positive catalysts to move above the nearest resistance at $72.00 – $72.50.

Brent Oil

Brent Oil 161224 Daily Chart

Brent oil is moving lower amid broad pullback in the oil markets. Profit-taking serves as an additional catalyst for the move.

If Brent oil settles back below the 50 MA at $73.82, it will move towards the next support level at $71.00 – $71.50.

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 and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.