Natural Gas, WTI Oil, Brent Oil – Oil Retreats Amid Demand Concerns

Key Insights

• Natural gas is trying to settle back below the support at $2.35.
• WTI oil is moving towards the $75 level as traders react to the weak economic data from China. 
• Brent oil managed to settle below the $79 level.

Natural Gas

Natural gas is trying to settle below the support at $2.35 as traders prepare for low demand for natural gas from May 6.

In case natural gas settles back below the $2.35 level, it will head towards the support at $2.20. A move below $2.20 will push natural gas towards the $2.00 level.

R1:$2.60 – R2:$2.80 – R3:$3.00

S1:$2.35 – S2:$2.20 – S3:$2.00

WTI Oil

WTI oil declined amid demand concerns. The weak economic data from China raised worries about the rebound of the Chinese economy, which was bearish for oil markets.

If WTI oil declines below the support at $74.80, it will head towards the next support level at $73.80. On the upside, a move above $75.90 will push WTI oil towards the resistance at $77.00.

R1:$75.90 – R2:$77.00 – R3:$77.90

S1:$74.80 – S2:$73.80 – S3:$72.70

Brent Oil

Brent oil  has also found itself under pressure in today’s trading session. OPEC+ production cuts take effect from May 1, but traders are focused on the potential demand problems.

Brent oil needs to settle below the support at $78.00 to continue its pullback. On the upside, a move above the $79.15 level will push Brent oil towards the resistance at $80.50.

R1:$79.15 – R2:$80.50 – R3:$81.50

S1:$78.00 – S2:$77.20 – S3:$76.20

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