Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats As Traders Focus On U.S. Jobs Data

By:

Vladimir Zernov

Published: Nov 1, 2024, 19:05 GMT+00:00

Key Points:

Natural gas tested new lows as pullback continued.
WTI oil pulled back as traders reacted to the Non Farm Payrolls report.
Brent oil declined towards the $73.00 level.

Natural Gas

Natural Gas 011124 Daily Chart

Natural gas tests new lows as pullback continues. Traders remain worried that demand will be weak due to mild weather.

RSI remains in the moderate territory, so there is enough room to gain additional downside momentum.

WTI Oil

WTI Oil 011124 Daily Chart

WTI oil pulls back as traders react to the disappointing Non Farm Payrolls report and worry that the U.S. economy is slowing down.

In case WTI oil moves below the $69.00 level, it will head towards the support level at $67.00 – $67.50.

Brent Oil

Brent Oil 011124 Daily Chart

Brent oil retreats as traders ignore reports indicating that Iran prepares a potential strike on Israel.

A move below the $73.00 level will push Brent oil towards the support 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.