Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rebounds As Traders Prepare For Rate Cuts

By:

Vladimir Zernov

Published: Aug 23, 2024, 18:31 GMT+00:00

Key Points:

Natural gas remains under pressure amid lack of positive catalysts.
WTI oil rallied as traders reacted to dovish comments from Fed Chair Powell.
Brent oil is trying to settle above the $79.00 level.

Natural Gas

Natural Gas 230824 Daily Chart

Natural gas tests support at $2.00 – $2.05 as traders stay focused on the bearish EIA report, which was released on Thursday.

A move below the $2.00 level will push natural gas towards the next support level, which is located in the $1.80 – $1.85 range.

WTI Oil

WTI Oil 230824 Daily Chart

WTI oil rebounds as Fed Chair Powell signaled that Fed will start cutting rates at the next meeting.

The nearest resistance level for WTI oil is located in the $75.50 – $76.00 range. A move above the $76.00 level will push WTI oil towards the next resistance at $79.50 – $80.00.

Brent Oil

Brent Oil 230824 Daily Chart

Brent oil rallied, supported by weak U.S. dollar and Powell’s dovish comments.

If Brent oil manages to settle above the psychologically important $80.00 level, it will move towards the nearest resistance at $81.50 – $82.00.

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.