Natural Gas, WTI Oil, Brent Oil Forecasts – Oil markets mostly flat as traders ignore Middle East tensions

FXEmpire.com –

Natural gas

Natural gas is gaining ground as traders remain focused on forecasts that indicate the weather may change from warmer to near-normal conditions.

Technically, natural gas needs to settle above 50MA at $2.20 to have a chance to gain sustained momentum.

WTI oil

WTI Oil 070524 Daily chart

WTI crude is mostly flat despite Israel’s operation against Hamas in Rafah. At this point, traders believe rising tensions in the Middle East will not affect oil supplies.

If WTI fails to settle above the $80.00 level, it will head towards the next support at $74.50 – $75.50.

Brent oil

Brent Oil 070524 Daily Chart

Brent crude is losing ground as prices try to consolidate after the recent pullback.

The RSI is in moderate territory, so there is plenty of room to gain further momentum on the downside should the right catalysts emerge.

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This article was originally posted on FX Empire

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