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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Gains Ground As Traders Focus On Falling Treasury Yields

By:
Vladimir Zernov
Published: Jun 12, 2024, 17:47 GMT+00:00

Key Points:

  • Natural gas pulled back on profit-taking.
  • WTI oil gained ground despite rising crude inventories and higher domestic oil production.
  • Brent oil made an attempt to settle above the $83.00 level.
Natural Gas, WTI Oil, Brent Oil Forecasts

In this article:

Natural Gas

Natural Gas
Natural Gas 120624 Daily Chart

Natural gas pulls back as traders take some profits off the table after the strong move.

From the technical point of view, natural gas did not manage to settle above the resistance at $3.02 – $3.09.

WTI Oil

WTI Oil
WTI Oil 120624 Daily Chart

WTI oil gains ground despite the bearish EIA report, which showed that crude inventories increased by 3.7 million barrels from the previous week. Domestic oil production grew from 13.1 million bpd to 13.2 million bpd, which is also bearish for the market. However, traders focused on falling Treasury yields and U.S. dollar’s pullback.

In case WTI oil moves above the resistance at $79.00 – $80.00, it will head towards the next resistance level at $83.50 – $84.50.

Brent Oil

Brent Oil
Brent Oil 120624 Daily Chart

Brent oil tests new highs as the strong rebound continues. Traders bet that Fed will start the rate cut cycle sooner than previously expected.

A move above the $83.00 level will push Brent oiil towards the resistance at $84.50 – $85.00.

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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