Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Stabilizes As Traders Wait For Catalysts

Vladimir Zernov
Published: Apr 22, 2024, 18:26 GMT+00:00

Key Points:

  • Natural gas prices moved higher as demand increased.
  • WTI oil settled near the $82.00 level as traders waited for news from the Middle East.
  • Brent oil rebounded from session lows and made an attempt to settle above the $87.00 level.
Natural Gas, WTI Oil, Brent Oil Forecasts

In this article:

Natural Gas

Natural Gas
Natural Gas 220424 Daily Chart

Natural gas gains some ground as current demand for natural gas is strong. However, demand is expected to decline closer to the end of the week, so natural gas did not manage to gain strong upside momentum.

Natural gas needs to settle above the $1.80 level to gain additional momentum and move towards the resistance at $1.95 – $2.00.


WTI Oil 220424 Daily Chart

WTI oil is swinging between gains and losses as the market stabilizes after the recent volatility. At this point, traders do not expect additional escalation between Israel and Iran.

In case WTI oil climbs above the $82.50 level, it will head towards the nearest resistance, which is located in the $85.50 – $86.50 range.

Brent Oil

Brent Oil
Brent Oil 220424 Daily Chart

Brent oil has also stabilized after wild swings seen in recent trading sessions. Traders are waiting for additional catalysts.

RSI is in the moderate territory, so there is plenty of room to gain momentum in case the right catalysts emerge.

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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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