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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Markets Are Mostly Flat Despite Dollar’s Rebound

By:
Vladimir Zernov
Published: Jun 13, 2024, 18:30 GMT+00:00

Key Points:

  • Natural gas pulled back as traders reacted to the EIA report.
  • WTI oil is mostly flat as traders wait for additional catalysts.
  • Brent oil continues its attempts to settle above the $83.00 level.
Natural Gas, WTI Oil, Brent Oil Forecasts

In this article:

Natural Gas

Natural Gas
Natural Gas 130624 Daily Chart

Natural gas is losing ground as traders react to the EIA report, which indicated that working gas in storage increased by 74 Bcf.

The report has mostly met analyst estimates, but it looks that bulls hoped that inventory build would miss estimates by a wide margin. As a result, traders continued to take profits off the table.

WTI Oil

WTI Oil
WTI Oil 130624 Daily Chart

WTI oil is swinging between gains and losses as traders stay focused on Fed policy outlook after yesterday’s Fed Interest Rate Decision. Treasury yields are moving lower, providing support for oil markets. At the same time, U.S. dollar’s rebound is bearish for WTI oil.

The technical picture remains unchanged as WTI oil needs to settle above the resistance at $79.00 – $80.00 to gain momentum.

Brent Oil

Brent Oil
Brent Oil 130624 Daily Chart

Brent oil settled near the $82.50 level as traders waited for additional catalysts.

A move above the $83.00 level will open the way to the test of 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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