Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats As Traders Focus On Europe’s Weakness

Key Insights

• Natural gas is moving higher as traders prepare for colder weather. 
• WTI oil is losing ground amid demand worries. 
• Brent oil pulled back towards the $87.00 level. 

Natural Gas

Natural gas  is trying to gain upside momentum as traders focus on the bullish changes in weather forecasts.

In case natural gas climbs above the resistance at $3.00 – $3.05, it will move back towards October highs at $3.45.

WTI Oil

WTI oil  is under strong pressure as traders react to the disappointing PMI reports from Europe. Traders worry that EU demand for oil will be weak.

RSI remains in the moderate territory, so there is plenty of room to gain additional downside momentum in case the right catalysts emerge.

Brent Oil

Brent oil declined towards the $87.00 level as traders focused on the problems of the European economy.

While the current market sentiment is bearish, traders should keep a close eye on the developments in the Middle East, which may raise the risk premium for oil.

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