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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rebounds From Multi-Week Lows
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Key Points:
- Natural gas pulls back ahead of the weekend.
- WTI oil settled above the $70.50 level.
- Brent oil tested the $75.00 level.
Natural Gas
Natural gas pulls back as traders take some profits off the table ahead of the weekend.
In case natural gas declines below the $3.30 level, it will get to the test of the nearest support at $3.20 – $3.25.
WTI Oil
WTI oil rebounds as some traders are ready to buy the dip. From a big picture point of view, the market remains focused on trade wars.
In case WTI oil settles back above the $72.00 level, it will head towards the nearest resistance level at $73.00 – $73.50.
Brent Oil
Brent oil made an attempt to settle back above the $75.00 level in absence of strong catalysts.
From the technical point of view, Brent oil needs to settle back above the 50 MA at $75.57 to have a chance to gain sustainable upside 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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