Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rebounds From Session Lows As Gasoline Inventories Fall

By:

Vladimir Zernov

Published: Oct 9, 2024, 18:46 GMT+00:00

Key Points:

Natural gas is losing ground as traders worry that demand would decline after Hurricane Milton.
WTI oil moved away from session lows, supported by the EIA report.
Brent oil is trying to settle back above the $77.00 level.

Natural Gas

Natural Gas 091024 Daily Chart

Natural gas tests new lows as traders prepare for the impact of Hurricane Milton, which may reduce demand for energy.

A move below the $2.60 level will push natural gas towards the next support level at $2.40 – $2.45.

WTI Oil

WTI Oil 091024 Daily Chart

WTI oil rebounded from session lows as traders reacted to the EIA report, which showed that gasoline inventories declined by 6.3 million barrels from the previous week.

In case WTI oil settles back above the $74.00 level, it will head towards the next resistance level, which is located in the $77.00 – $77.50 range.

Brent Oil

Brent Oil 091024 Daily Chart

Brent oil has also moved away from session lows as traders reacted to EIA data and remained focused on the developments in the Middle East.

A move above the $77.50 level will push Brent oil towards the psychologically important $80.00 level.

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.