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