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

By:

Vladimir Zernov

Published: Sep 20, 2024, 18:32 GMT+00:00

Key Points:

Natural gas tests new highs as traders stay bullish ahead of the weekend.
WTI oil pulled back towards the $71.00 level.
Brent oil moved lower as traders took profits after the strong rebound from September lows.

Natural Gas

Natural Gas 200924 Daily Chart

Natural gas managed to climb above the $2.40 level and gained additional upside momentum.

A move above $2.45 will push natural gas towards the nearest resistance, which is located in the $2.55 – $2.60 range.

WTI Oil

WTI Oil 200924 Daily Chart

WTI oil pulls back despite rising tensions in the Middle East. Traders take some profits off the table after the strong rebound from September lows.

A move below the $70.00 level will push WTI oil towards the support at $68.00 – $68.50.

Brent Oil

Brent Oil 200924 Daily Chart

Brent oil has also moved lower amid broad pullback in the oil markets. Traders reduced their exposure to oil ahead of the weekend.

From the technical point of view, Brent oil needs to settle above the $75.00 level to gain additional upside momentum.

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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.