Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Markets Are Mostly Flat As Traders Ignore Middle East Tensions

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Published: May 7, 2024, 18:27 GMT+00:00

Key Points:

Natural gas continues its attempts to settle above the $2.20 level.
WTI oil is swinging between gains and losses despite Middle East tensions.
Brent oil remains stuck below the $84.00 level.

Natural Gas

Natural gas gains some ground as traders stay focused on forecasts, which indicate that weather may shift from warmer to near-normal conditions.

From the technical point of view, natural gas needs to settle above the 50 MA at $2.20 to have a chance to gain sustainable upside momentum.

WTI Oil

WTI Oil 070524 Daily Chart

WTI oil is mostly flat despite Israel’s operation against Hamas in Rafah. At this point, traders believe that rising tensions in the Middle East will not hurt oil supplies.

If WTI oil fails to settle back above the $80.00 level, it will head towards the next support at $74.50 – $75.50.

Brent Oil

Brent Oil 070524 Daily Chart

Brent oil is losing some ground as prices try to consolidate after the recent pullback.

RSI is in the moderate territory, so there is enough room to gain additional downside momentum in case the right catalysts emerge.

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About the Author

Vladimir Zernovauthor

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.