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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats As Traders Stay Focused On China’s Problems
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Key Points:
- Natural gas rebounds as Freeport LNG restarts.
- WTI oil is losing ground as traders worry that China's demand for oil would be weaker than previously expected.
- Brent oil pulled back below the $84.00 level.
Natural Gas
Natural gas rebounds as traders focus on the restart of Freeport LNG, which is expected to boost demand.
In case natural gas settles back above the $2.20 level, it will move towards the nearest resistance, which is located in the $2.25 – $2.30 range.
WTI Oil
WTI oil remains under pressure as traders stay focused on the disappointing economic data from China.
The nearest support level for WTI oil is located in the $79.00 – $80.00 range. A move below this level will provide WTI oil with an opportunity to gain additional downside momentum.
Brent Oil
Brent oil tests new lows amid demand worries. Global markets expect that Fed will start cutting rates soon, but these hopes do not provide sufficient support to oil markets.
In case Brent oil declines below the 50 MA at $83.50, it will head towards the nearest support at $81.50 – $82.00.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Vladimir Zernovauthor
Vladimir is an independent trader, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.
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