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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests New Lows Amid Recession Worries
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Key Points:
- Natural gas moved lower as traders reacted to global market sell-off.
- WTI oil made an attempt to settle below the $71.50 level.
- Brent oil pulled back as traders focused on recession risks.
Natural Gas
Natural gas tested new lows as traders remained bearish amid global market sell-off.
However, it looks that natural gas needs additional negative catalysts to get to the test of the nearest support level at $1.80 – $1.85.
WTI Oil
WTI oil retreats amid recession worries that rocked global markets today. Middle East tensions do not provide any support to oil markets as traders are focused on potential demand weakness.
It should be noted that WTI oil received strong support in the $71.50 – $72.50 range and may try to rebound from multi-week lows.
Brent Oil
Brent oil tested new lows as traders focused on global market sell-off.
From the technical point of view, Brent oil is trying to settle below the support at $77.00 – $78.00. In case this attempt is successful, Brent oil may gain additional downside momentum.
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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