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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests New Lows Amid Demand Worries

By:
Vladimir Zernov
Published: Jun 4, 2024, 18:44 GMT+00:00

Key Points:

  • Natural gas failed to settle above $2.85 and pulled back towards the $2.60 level.
  • WTI oil remained under pressure as traders focused on potential demand weakness.
  • Brent oil pulled back below the $78.00 level.
Natural Gas, WTI Oil, Brent Oil Forecasts

In this article:

Natural Gas

Natural Gas
Natural Gas 040624 Daily Chart

Natural gas retreats after an unsuccessful attempt to settle above the resistance at $2.80 – $2.85.

If natural gas settles below the $2.60 level, it will head towards the nearest support, which is located in the $2.45 – $2.50 range.

WTI Oil

WTI Oil
WTI Oil 040624 Daily Chart

WTI oil tests new lows as the pullback continues. Traders are worried that oil demand is not sufficiently strong to absorb the anticipated increase of production from OPEC+.

RSI is close to the oversold territory, but there is enough room to gain additional downside momentum in case the right catalysts emerge.

Brent Oil

Brent Oil
Brent Oil 040624 Daily Chart

Brent oil tested support at $76.00 – $77.00 as traders remained bearish amid demand worries.

A move below the $76.00 level will open the way to the test of the next support 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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