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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Markets Pull Back Ahead Of The Weekend
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Key Points:
- Natural gas continues to move higher as traders focus on cold weather.
- WTI oil declined below the $71.00 level amid demand worries.
- Brent oil pulled back below the $75.00 level.
Natural Gas
Natural gas tests new highs as rally continues. Traders focus on Arctic blast forecast, which is bullish for natural gas.
In case natural gas manages to settle above the $3.80 level, it will head towards the nearest resistance at $4.00 – $4.05.
WTI Oil
WTI oil pulled back as traders reacted to the weaker-than-expected Retail Sales report from the U.S. and worried about the potential slowdown of the economy.
In case WTI oil manages to settle below the psychologically important $70.00 level, it will move towards the next support level at $67.00 – $67.50.
Brent Oil
Brent oil declined below the $75.00 level amid broad pullback in the oil markets.
If Brent oil stays below the $75.00 level, it will move towards the recent lows near $74.00. RSI is in the moderate territory, and there is plenty of room to gain momentum in case the right catalysts emerge.
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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