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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats Amid Signs Of De-Escalation In The Middle East

By:
Vladimir Zernov
Published: Feb 2, 2024, 16:58 UTC

The strong rebound in Treasury yields puts additional pressure on oil markets.

Natural Gas, WTI Oil, Brent Oil Forecasts

In this article:

Key Insights

  • Natural gas is moving higher ahead of the weekend. 
  • WTI oil tested new lows as traders focused on the recent developments in the Middle East. 
  • Brent oil pulled back below the $78.00 level. 

Natural Gas

Natural Gas
Natural Gas 020224 Daily Chart

Natural gas rebounds after yesterday’s pullback, but traders remain worried about warm weather.

From the technical point of view, natural gas is trying to stabilize after the recent volatility.

WTI Oil

WTI Oil
WTI Oil 020224 Daily Chart

WTI oil tested new lows as traders focused on signs of de-escalation in the Middle East.

A successful test of the support at $73.00 – $74.00 will push WTI oil towards the support at $68.00 – $69.00.

Brent Oil

Brent Oil
Brent Oil 020224 Daily Chart

Brent oil is currently trying to settle below the $77.50 level. Rising Treasury yields and strong dollar put additional pressure on oil markets.

In case Brent oil declines below the support at $77.50, it will move towards the next support level at $72.50 – $73.50.

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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