Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats As Hamas Releases Two U.S. Hostages

Key insights

• Natural gas declined below $2.90 as the pullback continued. 
• WTI oil moved lower as Hamas released two U.S. hostages. 
• Brent oil pulled back towards the $92.00 level. 

Natural Gas

Natural gas tests new lows as traders remain focused on bearish weather forecasts and high supply.

From the technical point of view, natural gas is moving towards the nearest support level at $2.80 – $2.85.

WTI Oil

WTI oil pulled back as Hamas has reportedly released two U.S. hostages. Traders see it as a sign that the worst-case scenario could be avoided.

The current pullback is most likely driven by profit-taking after the recent rebound, and it remains to be seen whether WTI oil will gain downside momentum.

Brent Oil

Brent oil is also moving lower amid a broad pullback in the oil markets. Interestingly, traders are ready to sell oil ahead of the weekend, which could bring developments in Israel – Hamas conflict.

As in the case of WTI oil, the pullback is driven by profit-taking near multi-month highs.

For a look at all of today’s economic events, check out our economic calendar.