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

By:
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

WTI Oil
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.

For a look at all of today’s economic events, check out our economic calendar.

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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