Natural Gas, WTI Oil, Brent Oil Forecasts – WTI Oil Gains 1.7% As Rebound Continues

By:

Vladimir Zernov

Published: Oct 22, 2024, 18:20 GMT+00:00

Key Points:

Natural gas moved lower amid demand worries.
WTI oil gained upside momentum and climbed above the $71.00 level.
Brent oil settled above the psychologically important $75.00 level.

Natural Gas

Natural Gas 221024 Daily Chart

Natural gas pulled back as traders remained worried about the strength of demand in the near term.

From the technical point of view, natural gas settled between the support at $2.20 – $2.25 and the resistance at $2.40 – $2.45.

WTI Oil

WTI Oil 221024 Daily Chart

WTI oil continues to rebound as traders focus on the situation in the Middle East and hope that China’s stimulus measures would provide some support to oil demand.

If WTI oil manages to settle above the resistance at $72.00 – $72.50, it will head towards the next resistance, which is located in the $77.00 – $77.50 range.

Brent Oil

Brent Oil 221024 Daily Chart

Brent oil gains ground amid broad rally in commodity markets. Currently, Brent oil is trying to settle above the 50 MA at $75.52.

In case this attempt is successful, Brent oil will move towards the nearest resistance level at $77.00 – $77.50.

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.