Natural Gas, WTI Oil, Brent Oil – Oil Pulls Back As China Growth Disappoints

Key Insights

• Natural gas is trying to settle below $2.50.
• WTI oil declines as China GDP Growth Rate missed analyst expectations. 
• Brent oil moved towards the $78.50 level. 

Natural Gas

Natural gas remains under pressure despite hot weather as traders focus on forecasts, which indicate cooler trends after July 20.

From the technical point of view, natural gas settled below the support at $2.60 and continues its attempts to settle below the $2.50 level.

WTI Oil

WTI oil is losing ground as traders react to the weak economic data from China. GDP Growth Rate was 6.3% in the second quarter, compared to analyst consensus of +7.3%.

WTI oil failed to settle above the 50 MA and is moving lower. Profit-taking serves as an additional bearish catalyst as traders want to take some money off the table after the strong move.

Brent Oil

Brent oil has also found itself under material pressure amid a broad pullback in the oil markets.

Brent oil has already declined towards the support in the $78.00 – $78.45 range. A move below $78 will push Brent oil towards the 50 MA at $76.

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