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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Markets Are Mostly Flat As Traders Ignore Rising Treasury Yields

By:
Vladimir Zernov
Published: Jun 7, 2024, 18:11 GMT+00:00

Key Points:

  • Natural gas rallies as traders focus on hot weather forecasts.
  • WTI oil is flat despite changes in Fed policy outlook.
  • Brent oil settled near the $79.50 level.
Natural Gas, WTI Oil, Brent Oil Forecasts

In this article:

Natural Gas

Natural Gas
Natural Gas 070624 Daily Chart

Natural gas tests new highs as traders focus on weather forecasts. Hot weather would drive  higher cooling demand, which is bullish for natural gas prices.

From the technical point of view, natural gas moved above the resistance at $2.80 – $2.85 and is heading towards the next resistance at $3.02 – $3.09.

WTI Oil

WTI Oil
WTI Oil 070624 Daily Chart

WTI oil is mostly flat despite strong dollar and rising Treasury yields. Traders are not ready for big moves ahead of the weekend.

If WTI oil settles above $75.50, it will head towards the next resistance level at $79.00 – $80.00.

Brent Oil

Brent Oil
Brent Oil 070624 Daily Chart

Brent oil is also flat as traders ignore worries about hawkish Fed. It looks that the market needs some time to stabilize after recent volatility.

A move above the $81.00 level will push Brent oil towards the next significant resistance level 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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