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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests New Highs As OPEC Maintains Its Demand Forecast

FXEmpire.com -

Key Insights

  • Natural gas is moving lower amid a complete lack of positive catalysts. 
  • WTI oil tested new highs as traders focused on the bullish OPEC report. 
  • Brent oil is trying to settle above the $83.00 level. 

Natural Gas

Natural Gas 130224 Daily Chart

Natural gas is under strong pressure as weather forecasts remain bearish. At this point, bulls cannot find positive catalysts for natural gas.

The nearest support level for natural gas is located in the $1.60 – $1.65 range. RSI is in the moderate territory, so there is plenty of room to gain additional downside momentum.

WTI Oil

WTI Oil 130224 Daily Chart

WTI oil gains ground as traders react to OPEC report, which indicated that the organization continues to expect that oil demand will grow by 2.25 million bpd in 2024 and by 1.85 million bpd in 2025.

In case WTI oil settles above the resistance at $79.00 – $80.00, it will head towards the next resistance level at $85.50 – $86.50.

Brent Oil

Brent Oil 130224 Daily Chart

Brent oil is moving higher, supported by the bullish OPEC report and rising tensions in the Middle East.

A move above the resistance at $83.50 – $84.50 will open the way to the test of the next resistance at $89.00 – $90.00.

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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