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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back As Traders React To Tariff News
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Key Points:
- Natural gas markets declined as traders focused on light demand.
- WTI oil moved lower as traders worried that OPEC+ will soon decide to raise production by 411,000 bpd in July.
- Brent oil settled below the $65.00 level.
Natural Gas
Natural gas moved lower after an unsuccessful attempt to settle above the resistance at $3.35 – $3.40. Weather forecasts point to low demand in the upcoming days, which is bearish for natural gas markets.
A move below the $3.20 level will open the way to the test of the nearest support at $3.05 – $3.10.
WTI Oil
WTI oil pulled back as traders focused on the upcoming OPEC+ meeting, which could raise the output by 411,000 bpd in July. President Trump’s decision to delay 50% tariffs on the EU provided some support to oil markets today.
The technical picture remains unchanged as WTI oil needs to settle above the resistance at $62.50 – $63.00 to gain additional upside momentum.
Brent Oil
Brent oil pulled back below the $65.00 level as traders took some profits off the table after the recent rebound.
RSI is in the moderate territory, and there is plenty of room to gain momentum in the near term.
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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