Natural Gas, WTI Oil, Brent Oil Forecasts – WTI Oil Rebounds As GDP Growth Rate Exceeds Expectations

By:

Vladimir Zernov

Published: Jul 25, 2024, 18:21 GMT+00:00

Key Points:

Natural gas is losing ground after the disappointing EIA report.
WTI oil is trying to settle back above the $78.00 level as traders focus on U.S. GDP data.
Brent oil attempts to climb back above the $82.00 level.

Natural Gas

Natural Gas 250724 Daily Chart

Natural gas tests support at $2.00 – $2.05 as traders react to the bearish EIA report, which showed that working gas in storage increased by 22 Bcf from the previous week.

A move below the $2.00 level will push natural gas towards the next support at $1.80 – $1.85.

WTI Oil

WTI Oil 250724 Daily Chart

WTI oil rebounds from multi-week lows, supported by strong U.S. GDP Growth Rate data. The U.S. economy remains in decent shape, which is bullish for oil markets.

If WTI oil settles back above the $78.00 level, it will head towards the resistance at $79.00 – $80.00.

Brent Oil

Brent Oil 250724 Daily Chart

Brent oil gains ground as traders bet that U.S. demand will provide sufficient support to oil markets.

In case Brent oil settles back above the $81.50 – $82.00 level, it will head towards the 50 MA at $83.44.

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.