Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Moves Higher As IEA Raises Demand Growth Forecasts

Key Insights

• Natural gas pulls back after yesterday’s rebound. 
• WTI oil gained ground, supported by weaker-than-expected U.S. inflation data. 
• Brent oil moved higher as IEA raised demand growth forecasts for 2023 and 2024.

Natural Gas

Natural gas pulls back as traders take some profits off the table after the recent rebound. At this point, it looks that natural gas markets need additional positive catalysts to gain sustainable upside momentum.

From the technical point of view, natural gas settled in a wide range between the support at $3.00 and the resistance at $3.60.

WTI Oil

WTI oil continues to rebound amid rising risk appetite. U.S. inflation reports missed expectations, providing material support to commodity markets.

WTI oil settled above the previous resistance at $76.50 – $77.50 and is moving towards the next resistance level, which is located in the $80.50 – $82.00 range.

Brent Oil

Brent oil is moving higher as IEA lifted demand growth forecasts for 2024 from 880,000 bpd to 930,000 bpd.

RSI remains in the moderate territory, and there is plenty of room to gain additional upside momentum in the upcoming trading sessions.

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