Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests New Lows On Demand Concerns

By:

Vladimir Zernov

Published: Sep 6, 2024, 18:46 GMT+00:00

Key Points:

Natural gas gains some ground ahead of the weekend.
WTI oil pulled back below the $68.00 level as traders reacted to U.S. job market data.
Brent oil is trying to settle below the $71.00 level.

Natural Gas

Natural Gas 060924 Daily Chart

Natural gas continues its attempts to settle above the strong resistance level at $2.25 – $2.30.

In case natural gas manages to settle above the $2.30 level, it will move towards the resistance at $2.55 – $2.60.

WTI Oil

WTI Oil 060924 Daily Chart

WTI oil tests new lows as traders remain worried about the strength of demand. The potential economic slowdown in the U.S. and China may put significant pressure on oil prices.

In case WTI oil settles below the support at $68.00 – $69.00, it will move towards the next support level at $64.00 – $64.50.

Brent Oil

Brent Oil 060924 Daily Chart

Brent oil is under strong pressure amid demand concerns. RSI remains in the moderate territory despite the significant pullback, which is bearish for Brent oil.

From the technical point of view, Brent oil is heading towards the next support level at $69.50 – $70.00.

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.