Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rebounds From Weekly Lows

By:

Vladimir Zernov

Published: Nov 13, 2024, 19:03 GMT+00:00

Key Points:

Natural gas gains ground as traders focus on the upcoming EIA report.
WTI oil received strong support in the $67.00 - $67.50 range.
Brent oil managed to settle back above the $72.00 level.

Natural Gas

Natural Gas 131124 Daily Chart

Natural gas gains ground as traders prepare for the EIA report, which will be released tomorrow. The current demand for natural gas is low, and weather forecasts remain uninspiring.

A successful test of the resistance at $3.00 – $3.05 will push natural gas towards the next resistance level at $3.20 – $3.25.

WTI Oil

WTI Oil 131124 Daily Chart

WTI oil gains ground as traders take some profits off the table after the recent pullback.

A move above the $69.00 level will push WTI oil towards the 50 MA at $70.61.

Brent Oil

Brent Oil 131124 Daily Chart

Brent oil is moving higher after an unsuccessful attempt to settle below the support at $71.00 – $71.50.

If Brent oil manages to settle back above the $73.00 level, it will head towards the 50 MA at $74.18.

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.