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

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 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

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 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.

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