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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Markets Move Higher Despite Demand Worries

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Natural Gas

Natural Gas 210224 Daily Chart

Natural gas rebounds as Chesapeake Energy and other major producers signal that they will cut production due to low prices.

From the technical point of view, natural gas failed to settle below the support at $1.60 – $1.65, which is a bullish sign.

WTI Oil

WTI Oil 210224 Daily Chart

WTI oil gained ground as traders focused on tensions in the Middle East. FOMC Minutes, which would be released soon, may have a material impact on oil markets.

WTI oil consolidates below the resistance at $79.00 – $80.00. A move above $80.00 will provide WTI oil with an opportunity to gain additional upside momentum.

Brent Oil

Brent Oil 210224 Daily Chart

Brent oil rebounded from session lows and moved towards the $83.00 level as traders prepared for the release of FOMC Minutes.

The technical picture remains bullish but Brent oil needs to settle above $84.50 to gain sustainable momentum.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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