Natural Gas, WTI OIl, Brent Oil Forecasts – Oil Tests Key Support Amid Demand Worries

By:

Vladimir Zernov

Updated: Dec 6, 2024, 19:44 GMT+00:00

Key Points:

Natural gas is mostly flat ahead of the weekend.
WTI oil is trying to settle below the key support level as traders worry about supply glut.
Brent oil tests support at $71.00 - $71.50.

Natural Gas

Natural Gas 061224 Daily Chart

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

If natural gas settles back above the $3.05 level, it will head towards the next resistance level at $3.20 – $3.25.

WTI Oil

WTI Oil 061224 Daily Chart

WTI oil remains under pressure as traders worry that OPEC+ production cuts would not provide sufficient support to the market.

A move below the $67.00 level will push WTI oil towards the next support level at $63.50 – $64.00.

Brent Oil

Brent Oil 061224 Daily Chart

Brent oil tests support at $71.00 – $71.50 amid broad pullback in the oil markets.

In case this test is successful, Brent oil will gain additional downside momentum and move towards the next support at $67.50 – $68.00.

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.