Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Dives 3% Amid Demand Worries

Vladimir Zernov
Published: Apr 17, 2024, 18:24 GMT+00:00

Key Points:

  • Natural gas settled near $1.70 level.
  • WTI oil found itself under strong pressure after the release of the EIA report.
  • Brent oil pulled back below $88.00 as traders worried about the impact of high interest rates.
Natural Gas, WTI Oil, Brent Oil Forecasts

In this article:

Natural Gas

Natural Gas
Natural Gas 170424 Daily Chart

Natural gas settled near the $1.70 level as traders prepared for tomorrow’s EIA report, which is expected to show that working gas in storage increased by 54 Bcf.

The technical picture remains uninspiring for the bulls, and natural gas needs positive catalysts to break the current trend.


WTI Oil 170424 Daily Chart

WTI oil suffered a sell-off as traders reacted to the EIA report, which showed that crude inventories increased by 2.7 million barrels from the previous week. It looks that traders also worry about high interest rates and their potential impact on oil demand.

If WTI oil settles below the $82.00 level, it will head towards the nearest support at $79.00 – $80.00.

Brent Oil

Brent Oil
Brent Oil 170424 Daily Chart

Brent oil has also found itself under strong pressure amid a broad sell-off in the oil markets.

A move below the $87.00 level will open the way to the test of the nearest support, which is located in the $83.50 – $84.50 range.

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

About the Author

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.

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