Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Dives 2.7% As Traders Focus On Supply/Demand Balance

By:

Vladimir Zernov

Published: Aug 1, 2024, 18:36 GMT+00:00

Key Points:

Natural gas is trying to settle below the key support at $2.00 - $2.05.
WTI oil pulled back below $77.00 as traders focused on demand outlook.
Brent oil moved below the psychologically important $80.00 level.

Natural Gas

Natural Gas 010824 Daily Chart

Natural gas is losing ground as traders react to the EIA report, which indicated that working gas in storage increased by 18 Bcf from the previous week.

In case natural gas settles below the $2.00 level, it will move towards the next support at $1.80 – $1.85.

WTI Oil

WTI Oil 010824 Daily Chart

WTI oil retreats as traders shrug off worries about potential escalation in the Middle East and focus on demand/supply balance.

A move below the support at $75.50 – $76.50 will push WTI oil towards the next support at $71.50 – $72.50.

Brent Oil

Brent Oil 010824 Daily Chart

Brent oil is losing ground amid broad pullback in the oil markets. It looks that yesterday’s rally was mostly driven by short-covering.

In case Brent oil settles below the $79.50 level, it will head towards the nearest support, which is located in the $77.00 – $78.00 range.

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

About the Author

Vladimir Zernovauthor

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.