Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests New Highs As China’s Retail Sales Exceed Estimates

By:

Vladimir Zernov

Updated: Jun 17, 2024, 19:21 GMT+00:00

Key Points:

Natural gas remains under pressure as traders focus on rising production.
WTI oil is trying to settle above the key $80.00 level.
Brent oil moved towards the resistance at $84.50 - $85.50.

In this article:

Natural Gas

+1.09%

WTI Oil

+0.32%

Brent Oil

+0.22%

Natural Gas

Natural Gas 170624 Daily Chart

Natural gas tests new lows as traders stay focused on rising production. Demand for natural gas remains high, but bulls are not ready to increase their long positions at current levels.

In case natural gas declines below the support at $2.80 – $2.85, it will head towards the next support level at $2.50 – $2.55.

WTI Oil

WTI Oil 170624 Daily Chart

WTI oil gains ground as traders react to the better-than-expected Retail Sales report from China.

In case WTI oil manages to settle above the $80.00 level, it will gain additional upside momentum and move towards the next resistance at $83.50 – $84.50.

Brent Oil

Brent Oil 170624 Daily Chart

Brent oil tests new highs as traders bet that demand will rise in the upcoming months.

A successful test of the resistance at $84.50 – $85.50 will open the way to the test of the next resistance level at $88.00 – $89.00.

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, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.