Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rebounds On Rate Cut Hopes

Vladimir Zernov
Published: Apr 23, 2024, 18:17 GMT+00:00

Key Points:

  • Natural gas stays flat as traders wait for stronger catalysts.
  • WTI oil is moving higher as traders focus on U.S. PMI reports.
  • Brent oil climbed above the $88.00 level.
Natural Gas, WTI Oil, Brent Oil Forecasts

In this article:

Natural Gas

Natural Gas
Natural Gas 230424 Daily Chart

Natural gas is mostly flat as traders wait for additional catalysts. The weather forecasts are rather bearish, but current demand for natural gas is high.

The technical picture has not changed in recent trading sessions. Natural gas needs to climb above $1.80 to gain momentum and move towards the resistance at $1.95 – $2.00.


WTI Oil 230424 Daily Chart

WTI oil gains ground as weaker-than-expected U.S. PMI reports boost hopes for rate cuts. U.S. dollar’s pullback provided additional support to commodity markets in today’s trading session.

In case WTI oil climbs above $83.50, it will head towards the nearest resistance at $85.50 – $86.50.

Brent Oil

Brent Oil
Brent Oil 230424 Daily Chart

Brent oil has also managed to gain momentum amid a broad rally in the oil markets.

The nearest resistance for Brent oil is located in the $89.00 – $90.00 range. A move above $90.00 will provide Brent oil with a chance to gain additional upside momentum.

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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