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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Markets Prepare To Test New Highs

By:
Vladimir Zernov
Published: Mar 29, 2024, 18:17 GMT+00:00

Key Points:

  • Natural gas needs significant positive catalysts to break the current trend.
  • WTI oil looks ready to move higher amid rising demand and tight supply.
  • Brent oil may test March highs at $87.66 when the markets reopen after the weekend.
Natural Gas, WTI Oil, Brent Oil Forecasts

In this article:

Natural Gas

Natural Gas
Natural Gas 290324 Daily Chart

Natural gas made an attempt to rebound from lows on Thursday. Today, commodity markets are closed due to Good Friday holiday.

The technical picture remains bearish, but natural gas will likely get material support near the $1.60 – $1.65 level.

WTI Oil

WTI Oil
WTI Oil 290324 Daily Chart

WTI oil continued to move higher on Thursday as traders focused on tight supply and rising demand.

The technical picture is bullish as WTI oil settled at multi-week highs and looks ready to continue the current trend. The resistance at $85.50 – $86.50 is the near-term target for WTI oil.

Brent Oil

Brent Oil
Brent Oil 290324 Daily Chart

Brent oil has also moved higher, although it did not manage to settle above March highs at $87.66.

RSI remains in the moderate territory, so Brent oil has plenty of room to gain additional upside momentum when the markets reopen after the weekend.

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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