Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Dives As OPEC+ Plans To Phase Out Production Cuts

Vladimir Zernov
Published: Jun 3, 2024, 18:32 GMT+00:00

Key Points:

  • Natural gas rebounds as traders focus on hot weather.
  • WTI oil dives as traders focus on the results of OPEC+ meeting.
  • Brent oil pulled back below the $79.00 level.
Natural Gas, WTI Oil, Brent Oil Forecasts

In this article:

Natural Gas

Natural Gas
Natural Gas 030624 Daily Chart

Natural gas rebounds as traders focus on warmer weather, which boosts demand.

In case natural gas settles above the resistance at $2.80 – $2.85, it will move towards the next resistance level at $3.02 – $3.09.


WTI Oil 030624 Daily Chart

WTI oil tests new lows as traders focus on OPEC+ decision to phase out voluntary production cuts starting in October. OPEC+ noted that the decision would be subject to market conditions at that time.

In case WTI oil settles below the support at $74.50 – $75.50, it will head towards the next support level at $68.00 – $69.00.

Brent Oil

Brent Oil
Brent Oil 030624 Daily Chart

Brent oil is losing ground amid a broad sell-off in the oil markets. Traders worry that OPEC+ would boost production at a time when demand would be weak.

A move below the $78.00 level will push Brent oil towards the nearest support level, which is located in the $76.00 – $77.00 range.

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About the Author

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.

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