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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats On Demand Worries
By:
Key Points:
- Natural gas is under pressure as traders focus on weather forecasts.
- WTI oil made an attempt to settle below the $75.50 level.
- Brent oil pulled back as geopolitical risk premium declined.
In this article:
Natural Gas
Natural gas continues to move lower as traders focus on milder weather forecasts. The bullish EIA report, which was released on Thursday, did not provide sufficient support to the market.
In case natural gas declines below the $2.10 level, it will move towards the support at $2.00 – $2.05.
WTI Oil
WTI oil was under pressure as traders focused on demand worries. It looks that geopolitical premium has declined due to Gaza ceasefire negotiations, which was bearish for oil markets.
In case WTI oil settles below the support at $75.50 – $76.50, it will move towards the next support level at $72.00 – $72.50.
Brent Oil
Brent oil is losing ground amid broad pullback in the oil markets. U.S. dollar’s pullback did not provide any support to Brent oil as traders remained focused on demand outlook.
A move below the $79.00 level will push Brent oil towards the support at $77.00 – $78.00.
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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