Natural Gas, WTI Oil, Brent Oil – Oil Markets Test New Lows

Key Insights

• Natural gas is moving towards the $2.00 level. 
• The sell-off in the oil markets continues as traders focus on recession worries. 
• Oil prices are moving towards yearly lows as the pullback turns into a real panic. 

Natural Gas

Natural gas remains under strong pressure as traders expect that demand for natural gas will decline soon.

The nearest support level for natural gas is located at $2.00. If natural gas settles below this level, it will head towards the next support at $1.80.

R1:$2.20 – R2:$2.35 – R3:$2.60

S1:$2.00 – S2:$1.80 – S3:$1.60

WTI Oil

WTI oil test new lows amid recession worries. The current sell-off is strong as traders focus on recession risks.

If WTI oil settles below the $68.00 level, it will head towards the support at $67.00. A successful test of the support at $67.00 will push WTI oil towards the next support at $65.70.

R1:$69.20 – R2:$70.30 – R3:$71.70

S1:$68.00 – S2:$67.00 – S3:$65.70

Brent Oil

Brent oil moved closer to yearly lows as the pullback turned into a real panic.

In case Brent oil settles below the $71.70 level, it will head towards the support at $70.20. A move below $70.20 will push Brent oil towards the next support at $69.25.

R1:$73.00 – R2:$74.60 – R3:$75.50

S1:$71.71 – S2:$70.20 – S3:$69.25

For a look at all of today’s economic events, check out our economic calendar.