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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Markets Are Flat As Traders Wait For Catalysts

By:
Vladimir Zernov
Updated: Jun 20, 2024, 01:00 GMT+00:00

Key Points:

  • Natural gas markets are closed.
  • WTI oil is swinging between gains and losses as traders wait for additional catalysts.
  • Brent oil is trying to settle above the $85.50 level.
Natural Gas, WTI Oil, Brent Oil Forecasts

In this article:

Natural Gas

Natural Gas
Natural Gas 190624 Daily Chart

Natural gas markets are closed due to the holiday. When trading resumes, traders will be focused on the impact of Tropical Storm Alberto, the first named storm of 2024.

If natural gas declines below the support at $2.80 – $2.85, it will move towards the next support level, which is located in the $2.50 – $2.55 range.

WTI Oil

WTI Oil
WTI Oil 190624 Daily Chart

WTI oil is mostly flat as traders take some profits off the table near multi-week highs. Geopolitical tensions and positive demand outlook remain the key bullish catalysts for oil markets.

If WTI oil manages to settle above the $82.00 level, it will move towards the resistance at $83.50 – $84.50.

Brent Oil

Brent Oil
Brent Oil 190624 Daily Chart

Brent oil is also flat amid profit-taking. From a big picture point of view, Brent oil is trying to settle above the resistance at $84.50 – $85.00.

In case this attempt is successful, Brent oil will move towards the next resistance at $88.00 – $89.00.

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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