Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests Multi-Month Highs As IEA Raises Demand Forecast

Natural Gas

Natural gas rebounds as traders react to the EIA report, which indicated that working gas in storage declined by 9 Bcf from the previous week.

From the technical point of view, natural gas receives strong support near the $1.60 – $1.65 range.

WTI Oil

WTI oil rallies as IEA raised its oil demand growth forecast for 2024. Houthis’ attacks on ships forced shipowners to choose longer routes, leading to higher demand for oil.

WTI oil has recently moved above the key resistance at $79.00 – $80.00. In case WTI oil manages to stay above the $80.00 level, it will head towards the next resistance at $85.50 – $86.50.

Brent Oil

Brent oil tests new highs amid a broad rally in the oil markets. The new forecast from IEA pushed Brent oil above the key resistance level.

If Brent oil settles above $84.50, it will move towards the next resistance level, which is located in the $89.00 – $90.00 range.

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