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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Traders Stay Bullish
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Key Points:
- Natural gas tests new lows as traders focus on rising production.
- WTI oil made an attempt to settle above the $79.00 level.
- Brent oil gains some ground ahead of the weekend.
Natural Gas
Natural gas continues to move lower as traders focus on rising production levels.
A move below the support at $2.80 – $2.85 will push natural gas towards the 50 MA at $2.57.
WTI Oil
WTI oil gains some ground ahead of the weekend. Traders bet that oil demand in the second half of the year could be stronger than previously expected.
From the technical point of view, WTI oil consolidates below the key resistance at $79.00 – $80.00.
Brent Oil
Brent oil is also moving higher as traders bet on the continuation of the rebound from June lows.
In case Brent oil manages to settle above the $83.00 level, it will head towards the resistance at $84.50 – $85.00.
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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