Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests New Highs As Traders Focus On Middle East Tensions

By:

Vladimir Zernov

Published: Aug 9, 2024, 18:03 GMT+00:00

Key Points:

Natural gas gains ground as traders stay bullish ahead of the weekend.
WTI oil climbed above the $76.50 level as rebound continued.
Brent oil moved towards the key $80.00 level.

Natural Gas

Natural Gas 090824 Daily Chart

Natural gas gains some ground as traders focus on the recent EIA report and bullish weather forecasts.

From the technical point of view, natural gas continues to move towards the nearest resistance at $2.25 – $2.30.

WTI Oil

WTI Oil 090824 Daily Chart

WTI oil tests new highs as traders react to the recent Initial Jobless Claims report and focus on Middle East tensions.

If WTI oil stays above the $76.50 level, it will head towards the resistance at $79.00 – $80.00.

Brent Oil

Brent Oil 090824 Daily Chart

Brent oil gains more ground ahead of the weekend. The previous pullback was caused by panic in the global markets, and Brent oil has managed to get back to previous levels.

A move above $80.00 will push Brent oil towards the resistance at $81.50 – $82.00.

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.