Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rallies As Traders Bet On Strong Summer Demand

Vladimir Zernov
Published: Jun 10, 2024, 18:23 GMT+00:00

Key Points:

  • Natural gas moves away from session highs amid profit-taking.
  • WTI oil gains ground as traders bet on strong demand.
  • Brent oil tests resistance at $80.00 - $81.00.
Natural Gas, WTI Oil, Brent Oil Forecasts

In this article:

Natural Gas

Natural Gas
Natural Gas 100624 Daily Chart

Natural gas pulls back as traders take some profits off the table near multi-month highs.

The technical picture remains bullish, but natural gas needs to settle above the $3.09 level to continue the move.


WTI Oil 100624 Daily Chart

WTI oil rallies as traders react to the Goldman Sachs report, which predicted strong demand in summer.

A move above the $78.00 level will push WTI oil towards the nearest resistance, which is located in the $79.00 – $80.00 range.

Brent Oil

Brent Oil
Brent Oil 100624 Daily Chart

Brent oil has also managed to gain strong upside momentum. Goldman Sachs analysts expect that Brent oil will move towards the $86 level in the third quarter.

In case Brent oil stays above the $81.00 level, it will head towards the resistance at $84.50 – $85.50.

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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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