Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats Despite Middle East Conflict

By:

Vladimir Zernov

Published: Sep 30, 2024, 18:45 GMT+00:00

Key Points:

Natural gas gained some ground at the start of the week.
WTI oil pulled back as traders ignored Middle East tensions and focused on China's economic problems.
Brent oil moved below the $72.00 level.

Natural Gas

Natural Gas 300924 Daily Chart

Natural gas continues its attempts to settle above the $2.90 level as traders stay focused on the hurricane season.

If natural gas stays above $2.90, it will move towards the next resistance level at $3.05 – $3.10.

WTI Oil

WTI Oil 300924 Daily Chart

WTI oil pulls back despite rising tensions in the Middle East. Traders focus on China’s Caixin Manufacturing PMI, which dropped below the 50 level in September.

In case WTI oil settles below the $68.00 level, it will head towards the support at $64.00 – $64.50.

Brent Oil

Brent Oil 300924 Daily Chart

Brent oil is losing ground as traders remain worried about China’s economic problems.

A move below the $71.50 level will open the way to the test of the 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.