Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back From Session Highs As Traders Stay Cautious

By:

Vladimir Zernov

Published: May 9, 2024, 18:12 GMT+00:00

Key Points:

Natural gas prices tested new highs after EIA report.
WTI oil was mostly flat as China's oil imports data was not sufficient to push prices above the important resistance level.
Brent oil made an unsuccessful attempt to settle above $84.50.

Natural Gas

Natural Gas 090524 Daily Chart

Natural gas gains ground as traders react to the EIA report, which indicated that working gas in storage increased by 79 Bcf from the previous week, compared to analyst consensus of +87 Bcf.

From the technical point of view, natural gas settled above the 50 MA at $2.20 and is moving towards the nearest resistance at $2.45 – $2.50.

WTI Oil

WTI Oil 090524 Daily Chart

WTI oil continues its attempts to settle above the resistance at $79.00 – $80.00 as traders react to China’s imports data, which indicated that oil imports increased.

A move above the $80.00 level will push WTI oil towards the 50 MA at $81.77.

Brent Oil

Brent Oil 090524 Daily Chart

Brent oil made an an attempt to settle above the resistance at $84.50 but lost momentum and pulled back.

RSI is in the moderate territory, so there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

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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.