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Natural Gas, WTI Oil, Brent Oil Forecasts – WTI Oil Dives 5% On Demand Worries
By:
Key Points:
- Natural gas is moving towards the resistance at $2.25 - $2.30.
- WTI oil declined towards the $70.00 level amid demand worries.
- Brent oil settled below the $74.00 level.
In this article:
Natural Gas
Natural gas gains ground as the rebound continues. From the technical point of view, natural gas is moving towards the resistance at $2.25 – $2.30.
In case natural gas climbs above $2.30, it will head towards the next resistance level at $2.55 – $2.60.
WTI Oil
WTI oil tests new lows as traders focus on the potential return of Libyan oil exports. China’s economic problems also serve as an important bearish catalyst for oil markets.
A move below the $70.00 level will open the way to the test of the support at $68.00 – $68.50.
Brent Oil
Brent oil settled below the $75.00 level as traders worried that OPEC+ will raise production despite weak demand. According to recent reports, OPEC+ is expected to raise output in October.
It should be noted that RSI remains in the moderate territory despite the strong sell-off, so there is plenty of room to gain additional downside momentum.
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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