Natural Gas, WTI Oil, Brent Oil Forecasts – WTI Oil Gains 2.5% As Francine Disrupts Production In GoM

By:

Vladimir Zernov

Published: Sep 12, 2024, 18:25 GMT+00:00

Key Points:

Natural gas gains ground as traders react to the EIA report.
WTI oil rallied as traders focused on the impact of Hurricane Francine.
Brent oil climbed towards the $72.00 level.

Natural Gas

Natural Gas 120924 Daily Chart

Natural gas tests new highs as traders react to the EIA report, which indicated that working gas in storage increased by 40 Bcf, compared to analyst consensus of +49 Bcf.

If natural gas stays above the $2.30 level, it will move towards the resistance at $2.55- $2.60.

WTI Oil

WTI Oil 120924 Daily Chart

WTI oil gained ground as traders focused on the impact of Hurricane Francine. According to UBS, about 1.5 million barrels of Gulf of Mexico production was shut by the storm.

If WTI oil settles above the resistance at $68.00 – $68.50, it will move towards the next resistance level at $72.00 – $72.50.

Brent Oil

Brent Oil 120924 Daily Chart

Brent oil gained ground as raders focused on the situation in the U.S. Gulf of Mexico.

A successful test of the resistance at $72.50 – $73.00 will push Brent oil towards the next resistance level, which is located in the $77.00 – $77.50 range.

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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.