Natural Gas, WTI Oil, Brent Oil – Oil Moves Lower Amid Recession Worries

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Key Insights

  • Natural gas declines as traders focus on disappointing weather forecasts. 
  • WTI pulls back as traders believe that demand is not as strong as previously expected. 
  • Brent oil pulled back towards the $75 level.

Natural Gas

Natural Gas 090623 Daily Chart

Natural gas pulls back due to cooler trends in weather forecasts. Yesterday’s EIA report also serves as a negative catalyst for the market.

Natural gas stays stuck in the $2.20 – $2.35 range, and it needs to move out of this range to develop momentum.

R1:$2.35 – R2:$2.60 – R3:$2.85

S1:$2.20 – S2:$2.00 – S3:$1.80


WTI Oil 090623 Daily Chart

WTI oil is moving lower as traders remain worried about the strength of the oil demand in summer. The recent announcements from OPEC+ did not provide material support to the market.

A move below the $70.30 level will push WTI oil towards the support at $69.20. If WTI oil declines below $69.20, it will head towards the next support level at $68.00.

R1:$71.70 – R2:$73.50 – R3:$74.70

S1:$70.30 – S2:$69.20 – S3:$68.00

Brent Oil

Brent Oil 090623 Daily Chart

Brent oil is also moving lower amid a broad pullback in the oil markets. Recession worries remain an important negative catalyst for Brent oil.

A successful test of the $74.60 level will push Brent oil towards the next support at $73.50. If Brent oil gets below this level, it will move towards the support at $72.50.

R1:$75.50 – R2:$77.50 – R3:$78.50

S1:$74.60 – S2:$73.50 – S3:$72.50

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

This article was originally posted on FX Empire


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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