Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats From Session Highs As Traders Focus On EIA Data

By:

Vladimir Zernov

Published: Sep 5, 2024, 18:55 GMT+00:00

Key Points:

Natural gas tested new highs after the release of the EIA report.
WTI oil moved back towards the $69.00 level as gasoline inventories increased.
Brent oil continues its attempts to settle below the support at $72.50 - $73.00.

Natural Gas

Natural Gas 050924 Daily Chart

Natural gas gains ground as traders focus on the EIA report, which indicated that working gas in storage increased by 13 Bcf from the previous week.

A move above the resistance at $2.25 – $2.30 will push natural gas towards the next resistance at $2.55 – $2.60.

WTI Oil

WTI Oil 050924 Daily Chart

WTI oil pulled back from session highs as traders reacted to the EIA data. Crude inventories declined by 6.9 million barrels from the previous week, while gasoline inventories increased by 0.8 million barrels.

It should be noted that RSI is in the moderate territory despite the recent pullback, so there is plenty of room to gain additional downside momentum.

Brent Oil

Brent Oil 050924 Daily Chart

Brent oil remains under pressure despite reports indicating that OPEC+ may delay its production hike by two months.

Brent oil will likely gain additional downside momentum in case it settles below the support at $72.50 – $73.00.

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.