Natural Gas, WTI Oil, Brent Oil Forecasts – WTI Oil Tests Key Resistance

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Natural Gas

Natural Gas 290224 Daily Chart

Natural gas settled near the $1.90 level as traders reacted to the EIA report, which showed that working gas in storage decreased by 96 Bcf from the previous week.

The nearest significant resistance level for natural gas is located in the $1.95 – $2.00 range. In case natural gas settles above this level, it will gain additonal upside momentum.


WTI Oil 290224 Daily Chart

WTI oil has recently made another attempt to settle above the resistance at $79.00 – $80.00 but failed to develop sufficient upside momentum and pulled back.

From the technical point of view, WTI oil stays range-bound. The geopolitical risk premium is offset by demand worries.

Brent Oil

Brent Oil 290224 Daily Chart

Brent oil remains stuck in a tight range as traders wait for catalysts. The recent developments in the Middle East provided some support to oil prices, but traders are not ready to push oil prices to new highs.

The technical picture has remained unchanged in recent trading sessions. Brent oil needs to settle above $84.50 to gain additional momentum.

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

This article was originally posted on FX Empire


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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