Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Gains Ground As IMF Raises 2024 Growth Forecast

Key Insights

• Natural gas is trying to rebound after yesterday’s pullback. 
• WTI oil is moving higher as IMF raised global economic growth forecast. 
• Brent oil rebounded above the $82.00 level.

Natural Gas

Natural gas is trying to rebound after yesterday’s pullback. However, it remains to be seen whether it will be able to gain sustainable momentum as weather forecasts stay bearish.

If natural gas climbs above the 50 MA at $2.11, it will head towards the $2.25 level.

WTI Oil

WTI oil rebounds as traders react to the recent changes in IMF outlook, which raised economic growth projections for the U.S. and China.

If WTI oil climbs 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 is moving higher, supported by rising tensions in the Middle East. U.S. President Joe Biden has recently said that he has decided how the U.S. will respond to the recent attack on troops in Jordan.

A successful test of the resistance at $83.50 – $84.50 will open the way to the test of the next resistance at $88.50 – $89.50.

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