Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Markets Remain Under Pressure

By:

Vladimir Zernov

Published: Oct 16, 2024, 18:40 GMT+00:00

Key Points:

Natural gas tests new lows as traders focus on weather forecasts.
WTI oil pulled back amid demand worries.
Brent oil made an attempt to settle below the $73.50 level.

Natural Gas

Natural Gas 161024 Daily Chart

Natural gas is under strong pressure as traders focus on mild weather forecasts and bet on weaker demand.

The technical picture remains bearish as natural gas moved below the support at $2.40 – $2.45.

WTI Oil

WTI Oil 161024 Daily Chart

WTI oil is losing ground as traders remain worried about the strength of demand in China and the economic weakness in Europe.

A move below the $70.00 level will push WTI oil towards the next support level, which is located in the $67.00 – $67.50 range.

Brent Oil

Brent Oil 161024 Daily Chart

Brent oil pulled back amid lack of positive catalysts. Stronger dollar put additional pressure on the oil markets today.

RSI remains in the moderate territory, so there is plenty of room to gain additional downside momentum in case the right catalysts emerge.

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.