Natural Gas, WTI Oil, Brent Oil Forecasts – WTI Oil Gains Ground As Dollar Pulls Back

By:

Vladimir Zernov

Published: Jul 11, 2024, 18:17 GMT+00:00

Key Points:

Natural gas remains under strong pressure after the release of the EIA report.
WTI oil is moving higher as traders focus on falling Treasury yields.
Brent oil settled near the $85.50 level.

Natural Gas

Natural Gas 110724 Daily Chart

Natural gas tests support at $2.25 – $2.30 as traders react to the EIA report, which indicated that working gas in storage increased by 65 Bcf from the previous week.

In case this test is successful, natural gas will move towards the next support level, which is located in the $2.00 – $2.05 range.

WTI Oil

WTI Oil 110724 Daily Chart

WTI oil gains ground as traders focus on U.S. inflation reports, which showed that Inflation Rate declined to 3% in June. Fed may start cutting rates soon, providing additional support to oil markets.

A move above the $82.50 level opens the way to the test of the nearest resistance at $83.50 – $84.50.

Brent Oil

Brent Oil 110724 Daily Chart

Brent oil is mostly flat as traders wait for additional catalysts. U.S. dollar’s pullback provided some support to Brent oil in today’s trading session, but it was not sufficient to push prices above the $86.00 level.

In case Brent oil climbs above $86.00, it will move towards the resistance at $88.00 – $89.00.

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.