Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Gains Ground As Driving Season Starts

By:

Vladimir Zernov

Published: May 27, 2024, 18:58 GMT+00:00

Key Points:

Natural gas markets have suffered a sell-off at the end of last week, but bulls hope that hot summer would boost demand.
WTI oil gains ground as traders bet that driving season would provide sufficient support to prices.
Brent oil is trying to settle above the $83.00 level.

Natural Gas

Natural Gas 270524 Daily Chart

Natural gas markets have pulled back from multi-month highs as traders took profits after the strong rebound from May lows.

High inventory levels serve as the key bearish catalyst for natural gas, but bulls bet that hot summer would boost demand and push prices higher.

WTI Oil

WTI Oil 270524 Daily Chart

WTI oil continues to rebound from recent lows. Traders increase their long positions as the driving season begins.

The technical picture remains unchanged as WTI oil needs to settle above $80.00 to have a chance to gain sustainable momentum.

Brent Oil

Brent Oil 270524 Daily Chart

Brent oil is trying to climb above the $83.00 level amid a broad rebound in the oil markets.

RSI is in the moderate territory, so there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

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

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.