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