Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests New Lows As Pullback Continues

By:

Vladimir Zernov

Published: Jan 20, 2025, 18:42 GMT+00:00

Key Points:

Natural gas traders wait for additional positive catalysts that could push the market back to recent highs.
WTI oil remains under pressure as traders focus on Trump's first decisions as President.
Brent oil pulled back towards the psychologically important $80.00 level.

Natural Gas

Natural Gas 200125 Daily Chart

Natural gas traders stay focused on weather forecasts and try to evaluate whether inventories will continue to decline at a robust pace.

If natural gas settles back below the $3.80 level, it will move towards the nearest support, which is located in the $3.55 – $3.60 range.

WTI Oil

WTI Oil 200125 Daily Chart

WTI oil pulled back as traders focused on Trump’s speech and reacted to the ceasefire between Israel and Hamas.

Currently, WTI oil is trying to settle below the support at $77.00 – $77.50. In case this attempt is successful, WTI oil will move towards the next support level, which is located in the $73.00 – $73.50 range.

Brent Oil

Brent Oil 200125 Daily Chart

Brent oil tested new lows amid broad pullback in the oil markets. From a big picture point of view, Brent oil needs additional positive catalysts to gain upside momentum in the near term.

A move below the psychologically important $80.00 level will push Brent oil towards the support at $77.00 – $77.50.

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.