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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats As U.S. Production Resumes After Hurricane Francine
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Key Points:
- Natural gas pulls back amid profit-taking.
- WTI oil moved back below the $69.00 level as production in the U.S. Gulf of Mexico resumed after Hurricane Francine.
- Brent oil pulled back below the $72.00 level.
Natural Gas
Natural gas pulls back from multi-week highs as traders take some profits off the table ahead of the weekend.
Natural gas needs to stay above the $2.30 level to have a chance to gain additional upside momentum in the near term.
WTI Oil
WTI oil pulls back as U.S. oil production resumes after Hurricane Francine, which was the key driver for the recent rebound.
A move below the $68.00 level will push WTI oil towards the recent lows near the $65.25 level.
Brent Oil
Brent oil is also under pressure as traders focus on oil demand outlook. From a big picture point of view, traders remain worried about demand in China.
Brent oil faced resistance in the $72.50 – $73.00 range and is moving towards the nearest support at $69.50 – $70.00.
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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