Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests New Lows Amid Demand Worries

Key Insights

• Natural gas managed to settle back above $2.70.
• WTI oil declined below $73.00 as traders remained worried about near-term demand for oil. 
• Brent oil tested support at $77.50.

Natural Gas

Natural gas rebounds as weather forecasts trend colder. However, the current demand for natural gas remains low, and it remains to be seen whether natural gas prices will gain sustainable momentum.

From the technical point of view, natural gas needs to settle above the nearest resistance at $2.80 – $2.85 to have a chance to gain sustainable upside momentum.

WTI Oil

WTI oil remains under pressure amid demand worries. Russia said that OPEC+ may deepen supply cuts in the first quarter of 2024, but traders remained focused on the current demand for oil.

If WTI oil settles below the support at $73.00 – $74.00, it will head towards the next support level, which is located in the $67.50 – $68.50 range.

Brent Oil

Brent oil is losing ground as the pullback continues. The current market sentiment remains bearish so Brent oil will need material catalysts to gain upside momentum.

In case Brent oil manages to settle below the $77.50 level, it will head towards the next support at $71.75 – $73.00.

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