Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats On Demand Worries

By:

Vladimir Zernov

Published: Feb 23, 2024, 18:09 GMT+00:00

Key Points:

Natural gas pulls back amid a lack of additional positive catalysts.
WTI oil moved lower after an unsuccessful attempt to settle above the key resistance level.
Brent oil pulled back towards $81.50.

Natural Gas

Natural Gas 230224 Daily Chart

Natural gas pulled back as traders remained focused on weak demand. Most likely, the recent rally was triggered by short-covering, and natural gas will need additional catalysts to move higher.

Currently, natural gas is trying to settle below the support at $1.60 – $1.65. In case this attempt is successful, it will test new lows.

WTI Oil

WTI Oil 230224 Daily Chart

WTI oil pulls back after an unsuccessful attempt to settle above the resistance at $79.00 – $80.00.

The technical picture has not changed as WTI oil stays range-bound below the key resistance level.

Brent Oil

Brent Oil 230224 Daily Chart

Brent oil is moving lower amid a broad pullback in the oil markets. Traders stay cautious as Fed may wait until summer before cutting rates.

In case Brent oil declines below the $80.00 level, it will head towards the support at $77.50 – $78.25.

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.