Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats On Demand Worries - Nasdaq

Natural Gas, WTI Oil, Brent Oil Forecasts - Oil Retreats On Demand Worries | Nasdaq

Natural gas pulled back as traders remained focused on weak demand. Most likely, the recent rally was triggered by short-covering, and natural gas will need additional catalysts to move higher.

Currently, natural gas is trying to settle below the support at $1.60 – $1.65. In case this attempt is successful, it will test new lows.

WTI Oil

WTI oil pulls back after an unsuccessful attempt to settle above the resistance at $79.00 – $80.00.

The technical picture has not changed as WTI oil stays range-bound below the key resistance level.

Brent Oil

Brent oil is moving lower amid a broad pullback in the oil markets. Traders stay cautious as Fed may wait until summer before cutting rates.

In case Brent oil declines below the $80.00 level, it will head towards the support at $77.50 – $78.25.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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