Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats As U.S. Production Resumes After Hurricane Francine

By:

Vladimir Zernov

Published: Sep 13, 2024, 18:45 GMT+00:00

Key Points:

Natural gas pulls back amid profit-taking.
WTI oil moved back below the $69.00 level as production in the U.S. Gulf of Mexico resumed after Hurricane Francine.
Brent oil pulled back below the $72.00 level.

Natural Gas

Natural Gas 130924 Daily Chart

Natural gas pulls back from multi-week highs as traders take some profits off the table ahead of the weekend.

Natural gas needs to stay above the $2.30 level to have a chance to gain additional upside momentum in the near term.

WTI Oil

WTI Oil 130924 Daily Chart

WTI oil pulls back as U.S. oil production resumes after Hurricane Francine, which was the key driver for the recent rebound.

A move below the $68.00 level will push WTI oil towards the recent lows near the $65.25 level.

Brent Oil

Brent Oil 130924 Daily Chart

Brent oil is also under pressure as traders focus on oil demand outlook. From a big picture point of view, traders remain worried about demand in China.

Brent oil faced resistance in the $72.50 – $73.00 range and is moving towards the nearest support at $69.50 – $70.00.

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.