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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests Weekly Lows Amid Demand Concerns
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Key Points:
- Natural gas is moving lower as traders wait for additional catalysts.
- WTI oil is down by more than 3% as traders remain worried about China's demand.
- Brent oil pulled back towards the $77.00 level.
Natural Gas
Natural gas is losing some ground as traders stay cautious due to oversupply. From a big picture point of view, natural gas markets need significant positive catalysts to gain sustainable upside momentum.
In case natural gas manages to settle above the $2.15 level, it will move towards the resistance at $2.25 – $2.30.
WTI Oil
WTI oil tests new lows as traders shrug off worries about Libya’s production shutdown and focus on China’s economic problems.
A move below the $73.00 level will push WTI oil towards the nearest support at $72.00 – $72.50.
Brent Oil
Brent oil is losing ground amid broad pullback in the oil markets. Stronger dollar put additional pressure on commodity markets today.
A successful test of the support at $77.00 – $77.50 will open the way to the test of the next support level at $72.50 – $73.00.
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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