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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back In Choppy Trading

By:
Vladimir Zernov
Published: Apr 16, 2024, 18:12 GMT+00:00

Key Points:

  • Natural gas tested new lows as the pullback continued.
  • WTI oil moved lower as traders waited for the news from the Middle East.
  • Brent oil settled near the $90.00 level.
Natural Gas, WTI Oil, Brent Oil Forecasts

In this article:

Natural Gas

Natural Gas
Natural Gas 160424 Daily Chart

Natural gas remains under pressure amid a lack of positive catalysts. It remains to be seen whether natural gas will be able to stay above the key support at $1.60 – $1.65.

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

WTI Oil

WTI Oil
WTI Oil 160424 Daily Chart

WTI oil is losing some ground as traders wait for the news from the Middle East. According to recent reports, Israel’s war cabinet will meet again to discuss the country’s response on Iran’s attack.

From the technical point of view, WTI oil needs to settle above the resistance at $85.50 – $86.50 to gain additional upside momentum.

Brent Oil

Brent Oil
Brent Oil 160424 Daily Chart

Brent oil  is also moving lower as traders continue to take profits near multi-month highs.

Traders should note that Brent oil will remain extremely sensitive to geopolitical news in the near term.

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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