Forecasts for Natural Gas, WTI Oil, Brent Oil – Oil rebounds from session lows as traders await catalysts

FXEmpire.com –

Natural gas

Natural gas 210524 Daily chart

Natural gas retreats as traders take profits off the table after strong rally from May lows.

The technical picture remains bullish, but the market may need to go through a period of consolidation before it is ready to test the resistance at $2.80 – $2.85.

WTI oil

WTI Oil Daily Chart 210524

WTI crude rebounds from session lows as traders await catalysts. Today, oil traders focused on comments from Fed officials who signaled the Fed needs more time before it is ready to start cutting rates.

Technically, WTI remains stuck near the key resistance at $79.00 – $80.00.

Brent oil

Brent Oil 210524 Daily Chart

Brent oil also managed to bounce back from session lows amid a lack of strong catalysts.

Brent oil has been tight since early May. The driving season begins soon, which may provide additional support to oil markets.

To see all of today’s economic events, see our economic calendar.

This article was originally posted on FX Empire

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