Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back As Middle East Tensions Ease

By:

Vladimir Zernov

Published: Oct 15, 2024, 18:35 GMT+00:00

Key Points:

Natural gas is trying to settle back above the $2.50 level.
WTI oil retreats as traders bet that Israel will not strike Iran's oil infrastructure.
Brent oil made an attempt to settle below the $73.50 level.

Natural Gas

Natural Gas 151024 Daily Chart

Natural gas is trying to rebound as traders take some profits off the table after the strong move.

If natural gas settles back above the $2.50 level, it will head towards the nearest resistance, which is located in the $2.60 – $2.65 range.

WTI Oil

WTI Oil 151024 Daily Chart

WTI oil remains under pressure amid reports indicating that Israel would not strike Iran’s oil infrastructure.

If WTI oil declines below the $70.00 level, it will head towards the next support level at $67.00 – $67.50.

Brent Oil

Brent Oil 151024 Daily Chart

Brent oil is losing ground as traders focus on the developments in the Middle East and worry about the slowdown of China’s economy.

A move below the $73.50 level will open the way to the test of the support level at $71.00 – $71.50.

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.