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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Loses Gains As Israel’s Retaliatory Attack Looks Limited

By:
Vladimir Zernov
Published: Apr 19, 2024, 18:33 GMT+00:00

Key Points:

  • Natural gas is mostly flat as traders wait for new catalysts.
  • WTI oil lost gains as Israel's attack on Iran was more careful than bulls expected.
  • Brent oil pulled back towards the $87.00 level after an unsuccessful attempt to settle above $90.00.
Natural Gas, WTI Oil, Brent Oil Forecasts

In this article:

Natural Gas

Natural Gas
Natural Gas 190424 Daily Chart

Natural gas is mostly flat as traders are not ready for big moves ahead of the weekend. The market needs additional positive catalysts to gain sustainable upside momentum.

The technical picture remains bearish, although natural gas managed to stay above the support at $1.60 – $1.65.

WTI Oil

WTI Oil
WTI Oil 190424 Daily Chart

WTI oil pulled back from session highs as traders evaluated Israel’s strikes on Iran. According to recent reports, the retaliatory attack was limited, and traders expect that Iran would not strike back.

As a result, WTI oil remains stuck in a wide range between the support at $79.00 – $80.00 and the resistance at $85.50 – $86.50.

Brent Oil

Brent Oil
Brent Oil 190424 Daily Chart

Brent oil has also moved away from session highs when traders realized that Israel avoided escalation.

In case Brent oil settles below the $86.00 level, it will head towards the support at $83.50 – $84.50.

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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