Natural Gas, WTI Oil, Brent Oil Forecasts

Natural gas prices remain under strong pressure as traders stay focused on bearish weather forecasts.

If natural gas settles below the nearest support at $3.00 – $3.05, it will head towards the next support level, which is located in the $2.80 – $2.85 range.

WTI oil gained strong downside momentum as China’s exports fell by 6.4% year-over-year in October. Traders are worried that China’s economy remains in trouble, which is bearish for oil prices.

If WTI oil declines below the support at $76.50 – $77.50, it will head towards the next support level at $73.00 – $74.00.

Brent Oil

Brent oil tested multi-month lows amid demand concerns. The geopolitical premium has evaporated as traders believe that other countries would not be dragged into Israel – Hamas conflict.

A move below the support at $80.50 – $81.75 will push Brent oil towards the next support at $77.50 – $78.25.

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