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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Markets Gain Ground After EIA Report

By:
Vladimir Zernov
Published: Jul 10, 2024, 18:24 GMT+00:00

Key Points:

  • Natural gas is mostly flat as traders wait for catalysts.
  • WTI oil settled above the $82.00 level as traders reacted to the EIA report.
  • Brent oil is trying to settle back above the $85.00 level.
Natural Gas, WTI Oil, Brent Oil Forecasts

In this article:

Natural Gas

Natural Gas
Natural Gas 100724 Daily Chart

Natural gas is mostly flat as traders are not ready for big moves ahead of the EIA report, which will be released tomorrow.

In case natural gas declines below the support at $2.25 – $2.30, it will head towards the next support level, which is located in the $2.00 – $2.05 range.

WTI Oil

WTI Oil
WTI Oil 100724 Daily Chart

WTI oil gains ground as traders react to the EIA report, which indicated that crude inventories declined by 3.4 million barrels from the previous week.

In case WTI oil stays above the $82.00 level, it will head towards the resistance at $83.50 – $84.50.

Brent Oil

Brent Oil
Brent Oil 100724 Daily Chart

Brent oil moved away from session lows, supported by the EIA report. Some traders are ready to bet on a rebound after the pullback. In the near term, ongoing Gaza ceasefire negotiations may have a material impact on Brent oil. In case geopolitical premium declines, oil markets may find themselves under more pressure.

At this point, the technical picture remains favorable for the bulls, as Brent oil did not manage to settle below the support 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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