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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats As Geopolitical Premium Declines
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Key Points:
- Natural gas pulled back below $2.20 amid profit-taking.
- WTI oil tested new lows as traders focused on Gaza ceasefire negotiations.
- Brent oil declined towards the $81.00 level.
Natural Gas
Natural gas pulls back as traders take some profits off the table after the rebound from recent lows.
In case natural gas settles back below $2.15, it will move towards the next support level, which is located in the $2.00 – $2.05 range.
WTI Oil
WTI oil tests new lows as traders focus on the potential ceasefire in Gaza and worry about China’s economic outlook.
The nearest support level for WTI oil is located in the $75.50 – $76.50 range. In case WTI oil settles below the $75.50 level, it will head towards the next support at $71.50 – $72.50.
Brent Oil
Brent oil is losing ground as geopolitical risk premium declines. Interestingly, expectations of the start of the rate cut cycle in the U.S. do not provide any support to oil markets.
If Brent oil stays below the $81.50 level, it will head 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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