Natural Gas, WTI Oil, Brent Oil – Natural Gas Drops As Weather Forecasts Change

Key Insights

• Natural gas markets suffered a sell-off after a sudden change in weather forecasts. 
• WTI oil moved above the $80 level after early sell-off. 
• Brent oil is trying to settle above the $86 level. 

Natural Gas

Natural gas pulled back below the $2.60 level as traders focused on forecasts for milder weather. While the weather is expected to be colder than normal in the upcoming days, it would not be as cold as previously expected, which is bearish for natural gas markets.

WTI Oil

WTI oil managed to rebound from session lows and moved above the psychologically important $80 level. China’s 5% growth target put some pressure on oil markets as traders expected a more ambitious target. However, China’s growth is still impressive, so oil markets have managed to gain upside momentum.

Brent Oil

Brent oil is currently trying to settle above the $86 level. In case this attempt is successful, Brent oil will move towards the next resistance level, which is located at $87.

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