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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats As Traders React To Conversation Between Trump And Putin
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Key Points:
- Natural gas attempts to rebound after yesterday's pullback.
- WTI oil is losing ground as traders focus on negotiations between U.S. and Russia.
- Brent oil pulled back below the $71.00 level.
Natural Gas
Natural gas is moving higher as traders evaluate weather forecasts. Current demand for natural gas stays low, but it is expected to increase in the second half of the week.
If natural gas settles above the $4.05 level, it will head towards the nearest resistance, which is located in the $4.25 – $4.30 range.
WTI Oil
WTI oil pulls back as traders focus on the results of the phone call between Donald Trump and Vladimir Putin. The U.S. and Russia continue to negotiate a potential ceasefire in Ukraine.
A move below the support at $67.00 – $67.50 will push WTI oil towards the next support level, which is located in the $62.50 – $63.00 range.
Brent Oil
Brent oil made an attempt to settle above the resistance at $71.00 – $71.50 but lost momentum and pulled back.
In case Brent oil declines below the $70.00 level, it will head towards the nearest support level at $67.00 – $67.50.
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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