Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats As Geopolitical Premium Declines

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.

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