Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats Amid Demand Concerns

By:

Vladimir Zernov

Published: Jul 26, 2024, 18:21 GMT+00:00

Key Points:

Natural gas made an attempt to settle below the $2.00 level.
WTI oil pulled back below $77.50 as traders remained worried about China's problems.
Brent oil pulled back towards the psychologically important $80.00 level.

Natural Gas

Natural Gas 260724 Daily Chart

Natural gas is mostly flat as traders wait for additional catalysts after yesterday’s bearish EIA report.

A move below the $2.00 level will push natural gas towards the next support at $1.80 – $1.85.

WTI Oil

WTI Oil 260724 Daily Chart

WTI oil retreats as traders remain concerned about China’s economy. Falling Treasury yields did not provide support to oil markets in today’s trading session.

If WTI oil settles below the support at $75.50 – $76.50, it will move towards the next support level at $71.50 – $72.50.

Brent Oil

Brent Oil 260724 Daily Chart

Brent oil tests new lows amid demand concerns. It should be noted that geopolitical premium has declined in recent weeks, which was bearish for Brent oil.

In case Brent oil settles below the $80.00 level, it will head towards the nearest support at $77.00 – $78.00.

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.