Natural Gas, WTI Oil, Brent Oil Forecasts – WTI Oil Pulls Back From Session Highs - FX Empire

Natural Gas, WTI Oil, Brent Oil Forecasts - WTI Oil Pulls Back From Session Highs

Natural Gas, WTI Oil, Brent Oil Forecasts – WTI Oil Pulls Back From Session Highs

Published: Aug 28, 2023, 18:04 UTC•1min read

Oil markets are moving lower despite worries about Tropical Storm Idalia.

Mentioned in Article
Natural Gas

$2.5655
-3.33%

WTI Oil

$80.34

-0.26%

Brent Oil

$84.245

-0.66%

Key Insights

- Natural gas retreats from session highs, seemingly impervious to Australian strikes and looming hurricanes.
- WTI oil backpedals after an unsuccessful gambit to surmount the resistance level at $80.85, raising questions about its upward trajectory.
- Despite China’s stimulus measures and Tropical Storm Idalia concerns, Brent oil fails to find footing, suggesting more catalysts are needed.

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Natural Gas

Natural gas pulled back from session highs despite potential strikes in Australia and worries about hurricanes.

From the technical point of view, natural gas failed to settle above the resistance at $2.60 – $2.65, which is a bearish sign.

WTI Oil

Brent oil has also moved lower in today’s trading session. China’s stimulus measures and worries about Tropical Storm Idalia did not provide enough support to oil markets.

At this point, it looks that Brent oil will need additional catalysts to get back to the upside trend.

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

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