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

By:

Vladimir Zernov

Published: Sep 11, 2024, 18:29 GMT+00:00

Key Points:

Natural gas gains ground as traders focus on potential supply disruptions due to Hurricane Francine.
WTI oil rebounds after strong sell-off as traders react to the EIA report and monitor the path of the hurricane.
Brent oil is trying to settle back above the $71.00 level.

Natural Gas

Natural Gas 110924 Daily Chart

Natural gas tests resistance at $2.25 – $2.30 as traders bet that Hurricane Francine may disrupt supply.

In case natural gas climbs above the $2.30 level, it will move towards the next resistance at $2.55 – $2.60.

WTI Oil

WTI Oil 110924 Daily Chart

WTI oil rebounds from yearly lows as traders react to the EIA report, which indicated that crude inventories increased by 0.8 million barrels from the previous week.

A move above the resistance at $68.00 – $68.50 will open the way to the test of the next resistance level at $72.00 – $72.50.

Brent Oil

Brent Oil 110924 Daily Chart

Brent oil gained ground as traders focused on Hurricane Francine. According to recent reports, about 24% of oil production in the Gulf of Mexico was shut.

If Brent oil settles back above the $71.00 level, it will head towards the resistance at $72.50 – $73.00.

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.