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

By:
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

WTI Oil
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.

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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