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Natural Gas, WTI Oil, Brent Oil Forecasts – WTI Oil Remains Stuck Below $80.00

By:
Vladimir Zernov
Published: May 20, 2024, 18:37 GMT+00:00

Key Points:

  • Natural gas tests new highs as traders focus on high temperatures in Texas.
  • WTI oil did not gain upside momentum after Iranian President died in helicopter crash.
  • Brent oil did not manage to settle above the $84.50 level.
Natural Gas, WTI Oil, Brent Oil Forecasts

In this article:

Natural Gas

Natural Gas
Natural Gas 200524 Daily Chart

Natural gas tests new highs as the strong rally continues. Extreme heat in Texas provides material support to natural gas prices.

The nearest resistance level for natural gas is located in the $2.80 – $2.85 range. A move above the $2.85 level will push natural gas towards the resistance at $3.02 – $3.09.

WTI Oil

WTI Oil
WTI Oil 200524 Daily Chart

WTI oil remains stuck below the $80.00 level as traders focus on the situation in the Middle East. Iranian President Raisi died in helicopter crash, but this event did not provide support to oil markets as traders bet that Iran would not blame outside forces.

The technical picture remains unchanged as WTI oil did not manage to settle above the key $80.00 level.

Brent Oil

Brent Oil
Brent Oil 200524 Daily Chart

Brent oil made an attempt to settle above the $84.50 level but lost momentum and pulled back.

In case Brent oil moves above $84.50, it will head towards the 50 MA at $86.29.

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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