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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Moves Lower Amid Demand Worries
By:
Key Points:
- Natural gas remains under strong pressure as traders focus on warm weather.
- WTI oil is losing ground as traders remain worried about demand in China.
- Brent oil made an attempt to settle below the $73.00 level.
In this article:
Natural Gas
Natural gas tests new lows as traders focus on warm weather forecasts, which indicate that demand will be low in the near term.
It should be noted that RSI has recently moved into the oversold territory, so the risks of a rebound are increasing.
WTI Oil
WTI oil remains under pressure despite the encouraging economic data from China. The country’s GDP Growth Rate and Retail Sales exceeded analyst expectations, but oil traders remained worried about the economic outlook.
In case WTI oil stays below the $70.00 level, it will head towards the nearest support at $67.00 – $67.50.
Brent Oil
Brent oil tested new lows amid broad pullback in the oil markets. At this point, Brent oil needs significant catalysts to change the current trend.
A move below the $73.00 level will push Brent oil towards the nearest 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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