Natural Gas, WTI Oil, Brent Oil Forecasts – WTI Oil Dives 4.5% As OPEC Cuts Demand Forecasts

By:

Vladimir Zernov

Published: Sep 10, 2024, 18:19 GMT+00:00

Key Points:

Natural gas rebounds after yesterday's pullback as traders stay focused on the potential impact of Hurricane Francine.
WTI oil pulled back below the $66.00 level as OPEC cut its demand forecasts for 2024 and 2025.
Brent oil settled below the psychologically important $70.00 level.

Natural Gas

Natural Gas 100924 Daily Chart

Natural gas gains ground as traders remain focused on the potential impact of Hurricane Francine.

A successful test of the resistance at $2.25 – $2.30 will push natural gas towards the next resistance at $2.55 – $2.60.

WTI Oil

WTI Oil 100924 Daily Chart

WTI oil tests yearly lows as traders react to the OPEC report, which indicated that the organization had cut its demand growth forecasts for 2024 and 2025.

If WTI oil settles below the $65.00 level, it will head towards the next support at $64.00 – $64.50.

Brent Oil

Brent Oil 100924 Daily Chart

Brent oil is under strong pressure amid demand concerns. The revision of OPEC’s forecasts had a major negative impact on oil markets today.

Traders should note that RSI has recently moved into the oversold territory, so the risks of a rebound are increasing.

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.