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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats Despite Middle East Conflict
By:
Key Points:
- Natural gas gained some ground at the start of the week.
- WTI oil pulled back as traders ignored Middle East tensions and focused on China's economic problems.
- Brent oil moved below the $72.00 level.
In this article:
Natural Gas
Natural gas continues its attempts to settle above the $2.90 level as traders stay focused on the hurricane season.
If natural gas stays above $2.90, it will move towards the next resistance level at $3.05 – $3.10.
WTI Oil
WTI oil pulls back despite rising tensions in the Middle East. Traders focus on China’s Caixin Manufacturing PMI, which dropped below the 50 level in September.
In case WTI oil settles below the $68.00 level, it will head towards the support at $64.00 – $64.50.
Brent Oil
Brent oil is losing ground as traders remain worried about China’s economic problems.
A move below the $71.50 level will open the way to the test of the 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 and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.
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