Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back After EIA Report

Vladimir Zernov
Published: Apr 24, 2024, 18:28 GMT+00:00

Key Points:

  • Natural gas plunged towards the $1.70 level.
  • WTI oil moved below the $83.00 level as traders reacted to the EIA report.
  • Brent oil is trying to settle back below $88.00.
Natural Gas, WTI Oil, Brent Oil Forecasts

In this article:

Natural Gas

Natural Gas
Natural Gas 240424 Daily Chart

Natural gas has found itself under strong pressure after an unsuccessful attempt to settle above the $1.80 level.

The technical picture remains bearish, and natural gas may try to settle below the key support at $1.60 – $1.65.


WTI Oil 240424 Daily Chart

WTI oil pulled back as traders reacted to the EIA report, which indicated that crude inventories declined by 6.4 million barrels.

From the technical point of view, the current pullback looks healthy after the recent rebound.

Brent Oil

Brent Oil
Brent Oil 240424 Daily Chart

Brent oil has also moved lower after the release of the EIA report. According to recent reports, Israel prepares for an operation against Hamas in Rafah. However, the geopolitical premium for oil is not increasing.

If Brent oil manages to settle above $83.50, it will head towards the next resistance at $85.50 – $86.50.

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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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