Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats Amid Profit-Taking

By:

Vladimir Zernov

Published: Aug 27, 2024, 18:19 GMT+00:00

Key Points:

Natural gas pulled back below the $1.90 level amid lack of positive catalysts.
WTI oil moved below the $76.00 level as traders focused on China's economic problems.
Brent oil declined below the psychologically important $80.00 level.

Natural Gas

Natural Gas 270824 Daily Chart

Natural gas tests new lows as pullback continues amid lack of positive catalysts.

From the technical point of view, natural gas is heading towards the nearest support at $1.80 – $1.85.

WTI Oil

WTI Oil 270824 Daily Chart

WTI oil pulls back as traders take profits after the strong rebound. From a big picture point of view, traders will stay focused on the situation in the Middle East.

In case WTI oil settles back below the support at $75.50 – $76.00, it will move towards the next support level at $72.00 – $72.50.

Brent Oil

Brent Oil 270824 Daily Chart

Brent oil is losing ground amid broad pullback in the oil markets. It remains to be seen whether Brent oil will be able to gain sustainable upside momentum amid worries about China’s economic problems.

A move below the $79.00 level will push Brent oil towards the support at $77.00 – $77.50.

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.