Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests New Lows As Traders Bet Trump Could Talk To Iranian President

Natural Gas Is Under Pressure As Traders Bet Demand Would Decline Natural Gas 210926 Daily Chart Natural gas is losing ground as traders bet that demand will decline soon due to milder weather. Currently, natural gas is moving towards the support at $2.75 – $2.80. In case natural gas settles below the $2.75 level, it will head towards the next support level, which is located in the $2.60 – $2.65 range. RSI is in the moderate territory, so there is plenty of room to gain momentum in the near term. On the upside, a move above the 50 MA at $2.86 will push natural gas back towards the $2.95 level. If natural gas settles above $2.95, it will move towards the resistance level at $3.00 – $3.05. Next up Oil Price Outlook: Brent-WTI Spread Faces Seasonal Whipsaw as Supply Risks Build Forecasts · Brent Oil · 11 min read WTI Oil Is Losing Ground As Traders Bet U.S. Could Restart Negotiations With Iran WTI Oil 210926 Daily Chart WTI oil is losing ground as President Trump said that he could meet Iranian President Peseshkian at the UN General Assembly. According to recent reports, Trump decided against bombing Yemen’s Houthis, who have recently achieved major success against forces of Yemen’s official government. Earlier, reports indicated that Saudi Arabia asked Trump to intervene. Meanwhile, Russia is expected to extend a ban on diesel exports due to attacks on the country’s refineries. Russia is the world’s second largest diesel exporter, so its problems have a material impact on global diesel markets. From a big picture point of view, traders bet that an increasing number of vessels will go through the Strait of Hormuz in the near term. It remains to be seen whether this bet is correct, but I’d note that oil has already moved away from September highs and looks ready to gain additional downside momentum in case Iran signals that it is ready to talk. WTI oil pulled back below the support at $97.50 – $98.00 and made an attempt to settle below the $95.00 level. In case WTI oil settles below $95.00, it will head towards the support level at $92.50 – $93.00. On the upside, WTI oil needs to settle back above the $98.00 level to have a chance to gain upside momentum in the near term. In this case, WTI oil will head towards the resistance level at $102.50 – $103.00. Natural Gas Price Forecast Every new Natural Gas analysis as it publishes, today's technical signal and key levels, live price — on one page. See all Natural Gas forecasts Brent Oil Tests The $100.00 Level Brent Oil 210926 Daily Chart Brent oil tests new lows as pullback continues. Traders continue to sell oil despite falling global oil reserves. Currently, Brent oil is trying to settle below the support level at $101.50 – $102.00. If this attempt is successful, Brent oil will head towards the next support level, which is located in the $97.00 – $97.50 range. A move below the $97.00 level will open the way to the test of the 50 MA at $92.44. On the upside, Brent oil must climb back above the $102.00 level to have a chance to gain upside momentum in the near term. A move above $102.00 will push Brent oil towards the $105.00 level. In case Brent oil climbs above $105.00, it will head towards the resistance level at $108.50 – $109.00. If you’d like to know more about how commodity markets work, please visit our educational area .