Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back From Session Highs As Treasury Yields Rebound

By:

Vladimir Zernov

Published: May 16, 2024, 18:12 GMT+00:00

Key Points:

Natural gas gained ground as traders reacted to the EIA report.
WTI oil did not manage to settle above the $80.00 level as Treasury yields moved higher.
Brent oil tested resistance at $83.50.

Natural Gas

Natural Gas 160524 Daily Chart

Natural gas tests new highs as traders react to the EIA report, which indicated that working gas in storage increased by 70 Bcf from the previous week, compared to analyst consensus of +76 Bcf.

If natural gas manages to settle above the resistance at $2.45 – $2.50, it will move towards the next resistance level at $2.80 – $2.85.

WTI Oil

WTI Oil 160524 Daily Chart

WTI oil moved away from session highs as Treasury yields rebounded after yesterday’s pullback.

From a big picture point of view, WTI oil remains stuck near the important resistance at $79.00 – $80.00.

Brent Oil

Brent Oil 160524 Daily Chart

Brent oil gains some ground as bulls hope that central banks will start cutting rates, providing support to the world economy and boosting demand for oil.

The resistance at $83.50 – $84.50 stays strong, and Brent oil needs additional positive catalysts to settle above $84.50.

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.