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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back As Dollar Rebounds

By:
Vladimir Zernov
Published: May 29, 2024, 18:10 GMT+00:00

Key Points:

  • Natural gas traders switch to the new contract.
  • WTI oil pulls back after an unsuccessful attempt to settle above the $80.00 level.
  • Brent oil faced strong resistance in the $83.50 - $84.50 range.
Natural Gas, WTI Oil, Brent Oil Forecasts

In this article:

Natural Gas

Natural Gas
Natural Gas 290524 Daily Chart

Natural gas settled below the $2.70 level as traders switched to the new contract.

RSI is in the moderate territory, so there is plenty of room to gain additional downside momentum.

WTI Oil

WTI Oil
WTI Oil 290524 Daily Chart

WTI oil pulls back as traders take some profits off the table after the recent rebound. It should be noted that strong dollar put material pressure on commodity markets today. WTI needs additional positive catalysts to settle above the key resistance at $79.00 – $80.00.

In case WTI oil manages to settle above $80.00, it will get to the test of the 50 MA at $81.50.

Brent Oil

Brent Oil
Brent Oil 290524 Daily Chart

Brent oil is losing ground amid a broad pullback in the oil markets. The resistance at $83.50 – $84.50 stays strong.

From the technical point of view, Brent oil needs to settle above the $84.50 level to gain additional upside momentum.

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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