Advertisement
Advertisement

Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Gains Ground As Bullish Trend Remains Intact

By:
Vladimir Zernov

Oil markets moved away from session lows as traders focused on U.S. dollar's pullback.

Natural Gas, WTI Oil, Brent Oil Forecasts

In this article:

Key Insights

  • Natural gas is trying to settle below the $1.80 level as weather forecasts stay bearish.
  • WTI oil attempts to settle above the $77.00 level amid rising tensions in the Middle East. 
  • Brent oil settled near the $82.00 level. 

Natural Gas

Natural Gas
Natural Gas 120224 Daily Chart

Natural gas tested new lows as traders reacted to warmer trends in weather forecasts.

The technical picture remains bearish. A move below the $1.80 level will open the way to the test of the support at $1.60 – $1.65.

WTI Oil

WTI Oil
WTI Oil 120224 Daily Chart

WTI oil gains some ground as traders remain focused on rising tensions in the Middle East.

If WTI oil settles above the $77.00 level, it will move towards the resistance at $79.00 – $80.00.

Brent Oil

Brent Oil
Brent Oil 120224 Daily Chart

Brent oil is mostly flat as traders wait for additional catalysts. U.S. dollar has recently started to move lower against a broad basket of currencies, which may provide some support to oil markets.

RSI is in the moderate territory, so Brent oil has enough room to gain additional upside momentum and get to the test of the $83.50 – $84.50 level.

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.

Did you find this article useful?

Advertisement