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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Markets Dive 2.5% Ahead Of The Weekend
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Key Points:
- Natural gas moved higher, supported by changes in weather forecasts.
- WTI oil suffered a sell-off as traders focused on U.S. Services PMI report.
- Brent oil declined below the $75.00 level.
Natural Gas
Natural gas rebounds after yesterday’s sell-off as traders stay focused on fluctuations of weather forecasts. The current demand for natural gas is high, which is bullish for natural gas markets.
If natural gas manages to settle above the resistance at $4.25 – $4.30, it will head towards the next resistance level at $4.55 – $4.60.
WTI Oil
WTI oil pulled back as traders focused on the weaker-than-expected U.S. Services PMI report and worried about a potential slowdown of the U.S. economy.
In case WTI oil settles below the $70.00 level, it will head towards the next support level, which is located in the $67.00 – $67.50 range.
Brent Oil
Brent oil is under strong pressure amid broad sell-off in the oil markets. Currently, Brent oil is trying to settle below the $74.50 level.
If this attempt is successful, Brent oil will move towards the support level at $71.00 – $71.50.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Vladimir Zernovauthor
In more than 15 years of trading in the financial markets, Vladimir dealt with a wide range of brokers and financial instruments. His career as a day-trader at a proprietary trading firm goes back to 2007. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. Using his experience, he helps traders find the best broker in his reviews.
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