Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Gains Ground As Traders Stay Bullish

By:

Vladimir Zernov

Published: Nov 7, 2024, 18:25 GMT+00:00

Key Points:

Natural gas pulls back after EIA report.
WTI oil gains ground as traders stay bullish ahead of Fed decision.
Brent oil attempts to settle above $76.00.

Natural Gas

Natural Gas 071124 Daily Chart

Natural gas pulls back as traders focus on the EIA report, which showed that working gas in storage increased by 69 Bcf from the previous week.

If natural gas declines below the $2.65 level, it will head towards the support at $2.50 – $2.55.

WTI Oil

WTI Oil 071124 Daily Chart

WTI oil continues to move higher as traders remain focused on OPEC+ decision to postpone its production hike.

A move above the $72.50 level will push WTI oil towards the resistance at $77.00 – $77.50.

Brent Oil

Brent Oil 071124 Daily Chart

Brent oil is trying to climb above the $76.00 level as traders stay bullish after Trump’s victory.

In case this attempt is successful, Brent oil will move towards the resistance, which is lcoated in the $77.00 – $77.50 range.

For a look at all of today’s economic events, check out our economic calendar.

About the Author

Vladimir Zernovauthor

In more than 15 years of trading in the financial markets, Vladimir dealt with a wide range of brokers and financial instruments. His career as a day-trader at a proprietary trading firm goes back to 2007. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. Using his experience, he helps traders find the best broker in his reviews.