Natural Gas, WTI Oil, and Brent Oil Forecasts Amidst Market Retreat
Natural Gas Outlook
Natural gas continues its attempts to settle above the resistance at $2.55 – $2.60 as traders focus on the potential threat from Hurricane Helene. If natural gas pulls back below the $2.55 level, it will move towards the support at $2.25 – $2.30.
WTI Oil Performance
WTI oil is losing ground as traders react to the EIA report, which indicated that crude inventories declined by 4.5 million barrels from the previous week. The bullish report did not provide support to oil markets. In case WTI oil stays below the $70.00 level, it will head towards the nearest support at $68.00 – $68.50.
Brent Oil Trends
Brent oil retreats as traders bet that China's stimulus measures would not provide sufficient support to oil markets. A successful test of the support at $72.50 – $73.00 will open the way to the test of the next support level at $69.50 – $70.00.
Economic Events
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This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.