Natural Gas and Oil Forecasts: Analyzing Demand Pressures

Wednesday, 4 September 2024, 11:10

Natural gas, WTI oil, and Brent oil face significant challenges as demand concerns intensify. Natural gas prices drop below crucial support levels. WTI oil struggles to maintain stability following disappointing job market data. Brent oil's outlook remains bleak amid potential production delays from OPEC+. The market is responding swiftly to economic signals, impacting these key commodities.
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Natural Gas and Oil Forecasts: Analyzing Demand Pressures

Natural Gas Forecast

Natural gas prices are currently losing ground as traders take profits off the recent rebound. If natural gas settles back below the $2.15 level, it will head towards the support at $2.00 - $2.05.

WTI Oil Outlook

WTI oil is testing new lows due to a weaker-than-expected JOLTs Job Openings report, highlighting a slowdown in the U.S. economy. A move below $69.00 will likely push WTI oil towards the nearby support at $68.00 - $68.50.

Brent Oil Analysis

Brent oil remains under pressure amid demand worries. Reports suggest OPEC+ might delay a planned production increase, but this has not provided lasting support as traders focus on key economic data. Currently, Brent oil is attempting to settle below the support at $72.50 - $73.00. A decline below $72.50 will set the stage for a test of the $70.00 level.

Economic Events Overview

To stay updated on today's economic events, please refer to our economic calendar.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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