Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Gains Ground As Traders Focus On Falling Treasury Yields - FX Empire
Natural Gas, WTI Oil, Brent Oil Forecasts - Oil Gains Ground As Traders Focus On Falling Treasury Yields | FXEmpire
Natural gas pulls back as traders take some profits off the table after the strong move.
From the technical point of view, natural gas did not manage to settle above the resistance at $3.02 – $3.09.
WTI Oil
WTI Oil 120624 Daily Chart
WTI oil gains ground despite the bearish EIA report, which showed that crude inventories increased by 3.7 million barrels from the previous week. Domestic oil production grew from 13.1 million bpd to 13.2 million bpd, which is also bearish for the market. However, traders focused on falling Treasury yields and U.S. dollar’s pullback.
In case WTI oil moves above the resistance at $79.00 – $80.00, it will head towards the next resistance level at $83.50 – $84.50.
Brent Oil
Brent Oil 120624 Daily Chart
Brent oil tests new highs as the strong rebound continues. Traders bet that Fed will start the rate cut cycle sooner than previously expected.
A move above the $83.00 level will push Brent oiil towards the resistance at $84.50 – $85.00.
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.
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