Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rebounds From Session Lows As Traders Wait For Catalysts

By:

Vladimir Zernov

Published: May 21, 2024, 18:08 GMT+00:00

Key Points:

Natural gas pulls back on profit-taking.
WTI oil rebounded towards $78.50 as traders waited for catalysts.
Brent oil settled near the $83.00 level.

Natural Gas

Natural Gas 210524 Daily Chart

Natural gas pulls back as traders take profits off the table after the strong rally from May lows.

The technical picture remains bullish, but the market may need to go through a period of consolidation before it will be ready to test the resistance at $2.80 – $2.85.

WTI Oil

WTI Oil 210524 Daily Chart

WTI oil rebounds from session lows as traders wait for catalysts. Today, oil traders focused on the comments from Fed officials, who signaled that Fed needed more time before it would be ready to start cutting rates.

From the technical point of view, WTI oil remains stuck near the key resistance at $79.00 – $80.00.

Brent Oil

Brent Oil 210524 Daily Chart

Brent oil has also managed to rebound from session lows amid lack of strong catalysts.

Brent oil has been range-bound since early May. The driving season starts soon, which may provide additional support to oil markets.

For a look at all of today’s economic events, check out our economic calendar.

About the Author

Vladimir Zernovauthor

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.