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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Slides From Session Highs
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Key Points:
- Natural gas rallied above the $3.30 level.
- WTI oil pulled back below $73.00 level as traders reacted to the border deal between U.S. and Mexico.
- Brent oil declined below the $76.00 level.
Natural Gas
Natural gas rallied as traders focused on tariffs, which were imposed on Canada. Colder weather forecasts provided additional support to natural gas markets.
If natural gas settles above the $3.35 level, it will move towards the next resistance at $3.55 – $3.60.
WTI Oil
WTI oil pulled back as U.S. tariffs on Mexico were paused for a month after the countries reached a border deal.
A move below the 50 MA at $72.15 will open the way to the test of the psychologically important $70.00 level.
Brent Oil
Brent oil has also pulled back from session highs as traders reacted to recent developments in trade wars.
RSI remains in the moderate territory, so there is plenty of room to gain momentum in the near term.
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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