Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats As Traders React To Conversation Between Trump And Putin

Natural Gas

Natural gas is moving higher as traders evaluate weather forecasts. Current demand for natural gas stays low, but it is expected to increase in the second half of the week.

If natural gas settles above the $4.05 level, it will head towards the nearest resistance, which is located in the $4.25 – $4.30 range.

WTI Oil

WTI oil pulls back as traders focus on the results of the phone call between Donald Trump and Vladimir Putin. The U.S. and Russia continue to negotiate a potential ceasefire in Ukraine.

A move below the support at $67.00 – $67.50 will push WTI oil towards the next support level, which is located in the $62.50 – $63.00 range.

Brent Oil

Brent oil made an attempt to settle above the resistance at $71.00 – $71.50 but lost momentum and pulled back.

In case Brent oil declines below the $70.00 level, it will head towards the nearest support level at $67.00 – $67.50.

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