Natural Gas, WTI Oil, Brent Oil Forecasts: Oil Rebounds From Multi-Month Lows – 2024!
Natural Gas, WTI Oil, Brent Oil Forecasts:
Key Points:
- Natural Gas: Retreats amid rising production levels.
- WTI Oil: Found support near $76.00 and climbed back above the $77.50 level.
- Brent Oil: Climbed back above $82.00.
Natural Gas
- Performance: Declined by 4.80%.
- Current Status: Under strong pressure due to increased production levels.
- Projection: A move below the support at $2.45 – $2.50 may push natural gas towards the 50 MA at $2.23.
WTI Oil
- Performance: Increased by 1.23%.
- Current Status: Rebounded as traders capitalized on the pullback to increase long positions.
- Technical Analysis: Needs to settle above the $80.00 level for potential upside momentum.
Brent Oil
- Performance: Increased by 0.82%.
- Current Status: Moving higher amidst a broad rebound in the oil markets.
- Factors: U.S. dollar’s pullback provided additional support to commodities.
- Technical Analysis: Received support near the $81.00 level and is heading towards the nearest resistance in the $83.50 – $84.50 range.
Economic Events
- For a comprehensive overview of today’s economic events, refer to our economic calendar.
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