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

By:
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

WTI Oil
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.

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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