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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back Ahead Of The Weekend

By:
Vladimir Zernov
Updated: Jun 22, 2024, 11:23 GMT+00:00

Key Points:

  • Natural gas is losing ground as traders react to the EIA report.
  • WTI oil declined towards the $80.50 level.
  • Brent oil did not manage to settle above the $86.00 level and pulled back.
Natural Gas, WTI Oil, Brent Oil Forecasts

In this article:

Natural Gas

Natural Gas
Natural Gas 210624 Daily Chart

Natural gas pulls back as traders react to the EIA Natural Gas Storage Report, which indicated that working gas in storage increased by 71 Bcf from the previous week. The report exceeded the analyst consensus of +69 Bcf.

In case natural gas settles below the $2.70 level, it will continue to move towards the nearest support level, which is located in the $2.50 – $2.55 range.

WTI Oil

WTI Oil
WTI Oil 210624 Daily Chart

WTI oil pulls back as traders take some profits off the table ahead of the weekend.

The nearest support level for WTI oil is located in the $79.00 – $80.00 range. WTI oil needs to stay above this support level to have a chance to gain upside momentum in the near term.

Brent Oil

Brent Oil
Brent Oil 210624 Daily Chart

Brent oil is losing some ground as U.S. dollar tests multi-week highs against a broad basket of currencies.

The technical picture remains bullish as Brent oil has recently managed to settle above the previous 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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