Natural Gas, WTI Oil, Brent Oil Forecasts – WTI Oil Attempts To Settle Above $80.00

By:

Vladimir Zernov

Published: May 28, 2024, 18:36 GMT+00:00

Key Points:

Natural gas prices rebound after the recent pullback.
WTI oil is trying to settle above the psychologically important $80.00 level.
Brent oil gains ground as traders bet on rising demand.

Natural Gas

Natural Gas 280524 Daily Chart

Natural gas rebounds after the recent sell-off as June’24 contracts expire soon. Trading volumes have already shifted to July’24 contracts.

From the technical point of view, natural gas found significant support near the $2.50 level.

WTI Oil

WTI Oil 280524 Daily Chart

WTI oil gains ground as traders focus on the OPEC+ meeting, which will be held on June 2. Traders expect that OPEC+ will continue to provide significant support to oil markets.

A move above the $80.00 level will open the way to the test of the 50 MA at $81.58.

Brent Oil

Brent Oil 280524 Daily Chart

Brent oil tests resistance at $83.50 – $84.50 as traders bet on rising demand during the driving season.

If Brent oil climbs above the $84.50 level, it will move towards the 50 MA at $86.07.

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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.