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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests New Lows As Traders Focus On China’s Problems
By:
Key Points:
- Natural gas is trying to settle above the $2.10 level.
- WTI oil retreats as traders stay focused on the disappointing economic data from China.
- Brent oil pulled back towards the $78.00 level.
In this article:
Natural Gas
Natural gas continues to move away from recent lows as traders bet on a rebound.
If natural gas stays above the $2.10 level, it will move towards the next resistance at $2.25 – $2.30.
WTI Oil
WTI oil tests new lows as traders stay focused on China despite rising tensions in the Middle East.
If WTI oil stays below the $75.50 level, it will head towards the support at $71.50 – $72.50.
Brent Oil
Brent oil is losing ground as traders worry about weaker demand in China. At the same time, traders do not believe that Middle East tensions will lead to any supply disruptions.
It should be noted that RSI is in the oversold territory, so the risks of a pullback are increasing.
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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