Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back Amid Demand Worries

By:

Vladimir Zernov

Published: May 10, 2024, 18:12 GMT+00:00

Key Points:

Natural gas pulled back towards $2.25 amid profit-taking.
WTI oil moved lower as traders reacted to the weaker-than-expected Michigan Consumer Sentiment report.
Brent oil declined towards the $83.00 level.

Natural Gas

Natural Gas 100524 Daily Chart

Natural gas pulls back as traders take some profits off the table ahead of the weekend.

RSI remains in the moderate territory, so there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

WTI Oil

WTI Oil 100524 Daily Chart

WTI oil pulls back after an unsuccessful attempt to settle above the $80.00 level. The disappointing Michigan Consumer Sentiment report and rising Treasury yields served as bearish catalysts for WTI oil.

From the technical point of view, WTI oil needs to settle above the resistance at $79.00 – $80.00 to have a chance to gain sustainable momentum.

Brent Oil

Brent Oil 100524 Daily Chart

Brent oil is losing ground amid a broad pullback in the oil markets. Geopolitical premium for oil has declined, and the market needs additional positive catalysts to move higher.

In case Brent oil settles below the $83.00 level, it will move towards the nearest support at $80.00 – $81.00.

For a look at all of today’s economic events, check out our economic calendar.

About the Author

Vladimir Zernovauthor

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.