Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Gains Ground As Traders Prepare For OPEC+ Meeting

Vladimir Zernov

According to recent reports, OPEC+ is discussing additional oil production cuts.

Natural Gas, WTI Oil, Brent Oil Forecasts

In this article:

Key Insights

  • Natural gas settled near $2.80 as traders remained focused on mild weather forecasts. 
  • WTI oil moved higher as traders reacted to the EIA report. 
  • Brent oil gained ground amid reports indicating that OPEC+ was discussing additional oil production cuts. 

Natural Gas

Natural Gas
Natural Gas 291123 Daily Chart

Natural gas settled near the support at $2.80 – $2.85 amid a lack of upside catalysts. Bearish weather forecasts continue to put pressure on natural gas markets.

If natural gas settles below the $2.80 level, it will move towards the next support, which is located in the $2.60 – $2.65 range.


WTI Oil 291123 Daily Chart

WTI oil gains ground as traders react to the EIA report, which showed that U.S. has started to buy oil for the Strategic Petroleum Reserve.

A successful test of the resistance at $77.50 will open the way to the test of the next resistance level at $82.50 – $83.50.

Brent Oil

Brent Oil
Brent Oil 291123 Daily Chart

Brent oil moves higher, supported by the recent WSJ report, which indicated that OPEC+ was talking about new oil production cuts.

From the technical point of view, Brent oil managed to climb above the resistance at $80.50 – $81.75 and has a decent chance to gain upside momentum.

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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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