Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats Despite Bullish EIA Data

By:

Vladimir Zernov

Published: Sep 25, 2024, 18:40 GMT+00:00

Key Points:

Natural gas remains stuck near the resistance at $2.50 - $2.60.
WTI oil pulled back below the $70.00 level amid demand worries.
Brent oil declined towards the $73.50 level.

Natural Gas

Natural Gas 250924 Daily Chart

Natural gas continues its attempts to settle above the resistance at $2.55 – $2.60 as traders focus on the potential threat from Hurricane Helene.

If natural gas pulls back below the $2.55 level, it will move towards the support at $2.25 – $2.30.

WTI Oil

WTI Oil 250924 Daily Chart

WTI oil is losing ground as traders react tot the EIA report, which indicated that crude inventories declined by 4.5 million barrels from the previous week. The bullish report did not provide support to oil markets.

In case WTI oil stays below the $70.00 level, it will head towards the nearest support at $68.00 – $68.50.

Brent Oil

Brent Oil 250924 Daily Chart

Brent oil retreats as traders bet that China’s stimulus measures would not provide sufficient support to oil markets.

A successful test of the support at $72.50 – $73.00 will open the way to the test of the next support level 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.