Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back As Traders Wait For Catalysts

By:

Vladimir Zernov

Published: Dec 26, 2024, 18:16 GMT+00:00

Key Points:

Natural gas is losing ground as traders switch to February 2025 contract.
WTI oil moved back below the $70.00 level.
Brent oil is losing ground amid broad pullback in the oil markets.

Natural Gas

Natural Gas 261224 Daily Chart

Natural gas retreats as traders switch to February 2025 contract. Profit-taking serves as an additional bearish catalyst for natural gas.

A move below the $3.70 level will push natural gas towards the support at $3.55 – $3.60.

WTI Oil

WTI Oil 261224 Daily Chart

WTI oil is moving lower after an unsuccessful attempt to settle above the $70.00 level. Traders wait for the EIA report, which will be released tomorrow.

If WTI oil stays below the $70.00 level, it will head towards the recent lows near the $68.50 level.

Brent Oil

Brent Oil 261224 Daily Chart

Brent oil declined below the $73.50 level amid broad pullback in the oil markets.

If Brent oil pulls back below the $73.00 level, it will move towards the nearest support level at $71.00 – $71.50.

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About the Author

Vladimir Zernovauthor

Vladimir is an independent trader, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.