Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats As Traders Focus On The European Economic Data

Key Insights

• Natural gas rebounds after the recent sell-off. 
• WTI oil tested new lows as traders reacted to the weak Euro Area GDP Growth Rate report. 
• Brent oil tested the psychologically important $85.00 level.

Natural Gas

Natural gas rebounds after the recent pullback as traders focus on colder trends in weather forecasts.

In case natural gas settles above the resistance at $3.60 – $3.75, it will head towards the next resistance level, which is located in the $4.40 – $4.60 range.

WTI Oil

WTI oil pulls back as traders focus on the weak economic data from Europe. The European economy is falling into a recession, which is bearish for oil markets.

If WTI oil settles below the support at $80.50 – $82.00, it will move towards the next support level, which is located in the $76.50 – $77.50 range.

Brent Oil

Brent oil pulled back amid a broad sell-off in the oil markets. The recent developments in Israel – Hamas conflict did not provide any support to oil markets as traders bet that other countries in the region will not be dragged into the conflict.

If Brent oil manages to settle below the $84.00 level, it will move towards the next support at $80.50 – $81.75.

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