Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests New Lows As Traders Focus On Gaza Talks

By:

Vladimir Zernov

Published: Aug 19, 2024, 18:20 GMT+00:00

Key Points:

Natural gas managed to rebound after the recent pullback.
WTI oil is down by 3% amid demand concerns.
Bretn oil pulled back below the $78.00 level.

Natural Gas

Natural Gas 190824 Daily Chart

Natural gas rebounds after the recent pullback as traders bet that hot weather will boost demand.

A successful test of the resistance at $2.25 – $2.30 will push natural gas towards the next resistance level at $2.45 – $2.50.

WTI Oil

WTI Oil 190824 Daily Chart

WTI oil tests new lows as traders stay focused on Gaza ceasefire talks and China’s economic problems.

A move below the $74.00 level will open the way to the test of the support at $72.00 – $72.50.

Brent Oil

Brent Oil 190824 Daily Chart

Brent oil is losing ground as geopolitical premium declines. Interestingly, U.S. dollar’s pullback did not provide any support to oil markets.

Currently, Brent oil is trying to settle below the support at $77.00 – $78.00. RSI remains in the moderate territory, so there is plenty of room to gain additional downside momentum.

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.