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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Markets Stay Flat After EIA Report

By:
Vladimir Zernov
Published: Feb 28, 2024, 18:14 UTC

Key Points:

  • Natural gas tests new highs as the rebound continues.
  • WTI oil failed to settle above the resistance at $79.00 - $80.00
  • Brent oil made an attempt to climb above $83.00 but lost momentum and pulled back.
Natural Gas, WTI Oil, Brent Oil Forecasts

In this article:

Natural Gas

Natural Gas
Natural Gas 280224 Daily Chart

Natural gas continues to rebound from recent lows as traders bet that the market has bottomed out.

The nearest significant resistance is located in the $1.95 – $2.00 range. A move above the $2.00 level will push natural gas towards the 50 MA at $2.12.

WTI Oil

WTI Oil
WTI Oil 280224 Daily Chart

WTI oil is mostly flat as traders react to the EIA report, which showed that crude inventories increased by 4.2 million barrels from the previous week.

WTI oil has recently made an attempt to settle above the key resistance at $79.00 – $80.00 but this attempt yielded no results.

Brent Oil

Brent Oil
Brent Oil 280224 Daily Chart

Brent oil is swinging between gains and losses as traders wait for catalysts that may push oil markets above the nearest resistance level.

The technical picture remains unchanged as Brent oil consolidates below the $83.50 – $84.50 level.

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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