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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rebounds From Session Lows As Traders Buy The Dip

By:
Vladimir Zernov
Published: Apr 18, 2024, 18:22 GMT+00:00

Key Points:

  • Natural gas moved higher as traders reacted to the EIA report.
  • WTI oil moved away from session lows as traders bet on a rebound after the strong pullback.
  • Brent oil settled near the $87.00 level.
Natural Gas, WTI Oil, Brent Oil Forecasts

In this article:

Natural Gas

Natural Gas
Natural Gas 180424 Daily Chart

Natural gas gains ground as traders react to the EIA report, which indicated that working gas in storage increased by 50 Bcf from the previous week.

In case natural gas manages to settle above the $1.80 level, it will head towards the next resistance, which is located in the $1.95 – $2.00 range.

WTI Oil

WTI Oil
WTI Oil 180424 Daily Chart

WTI oil is trying to rebound after yesterday’s sell-off. Traders stay focused on the situation in the Middle East and try to guess whether Israel will respond to the recent attack from Iran.

A move above the $83.00 level will push WTI oil towards the resistance at $85.50 – $86.50.

Brent Oil

Brent Oil
Brent Oil 180424 Daily Chart

Brent oil  has also managed to move away from session lows as traders used the strong pullback as an opportunity to establish long positions.

From the technical point of view, Brent oil failed to settle above the resistance at $89.00 – $90.00 and moved back into the $83.50 – $90.00 range.

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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