Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats Despite Libya Supply Risks

Natural Gas

Natural gas settled above the $2.05 level as traders switched from September 2024 contract to October 2024 contract.

The fundamental situation remains challenging as traders are worried about oversupply in natural gas markets.

WTI Oil

WTI oil remains under pressure as traders react to the EIA report, which indicated that crude inventories decreased by 0.8 million barrels from the previous week.

In case WTI oil settles below the $74.00 level, it will head towards the next support, which is located in the $72.00 – $72.50 range.

Brent Oil

Brent oil retreats as traders focus on China’s economic problems and ignore the potential loss of Libya’s oil production.

RSI remains in the moderate territory, so Brent oil has a good chance to settle below the support at $77.00 – $77.50 in case the right catalysts emerge.

For a look at all of today’s economic events, check out our economic calendar.