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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests New Highs Ahead Of The Weekend

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Key Insights

  • Natural gas is swinging between gains and losses as traders focus on dynamics of weather forecasts. 
  • WTI oil gained ground as traders bet that demand could grow due to the strength of the U.S. economy. 
  • Brent oil made an attempt to settle above the $83.00 level. 

Natural Gas

Natural Gas 260124 Daily Chart

Natural gas has another volatile session while traders stay focused on the recent EIA report and the dynamics of weather forecasts.

A move above the $2.75 level will push natural gas towards the resistance at $3.00 – $3.05.

WTI Oil

WTI Oil 260124 Daily Chart

WTI oil is moving higher as traders stay focused on the strong economic data from the U.S.

In case WTI oil moves above the resistance at $79.00 – $80.00, it will head towards the next resistance level at $85.00 – $86.00.

Brent Oil

Brent Oil 260124 Daily Chart

Brent oil continues to move higher as traders bet that demand for oil could be higher than previously expected. Short-covering may provide additional support to oil markets in the upcoming trading sessions.

If Brent oil climbs above the resistance at $83.50 – $84.50, it will move towards the next resistance level at $88.50 – $89.50.

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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