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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Is Flat As OPEC Cuts Demand Forecast
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Key Points:
- Natural gas pulls back after yesterday's rally.
- WTI oil settled near the $68.00 level as OPEC cut demand forecast.
- Brent oil was mostly flat as traders reacted to the OPEC report.
Natural Gas
Natural gas pulls back as traders take profits off the table after yesterday’s strong rally.
From the technical point of view, natural gas settled between the support at $2.75 – $2.80 and the resistance at $3.00 – $3.05.
WTI Oil
WTI oil is mostly flat after OPEC cut its demand growth forecast for 2024 and 2025.
The nearest support level for WTI oil is located in the $67.00 – $67.50 range. A move below the $67.00 level will push WTI oil towards the next support level at $63.50 – $64.00.
Brent Oil
Brent oil settled above the support at $71.00 – $71.50 as traders took some profits off the table after the recent pullback.
A move below the $71.00 level will open the way to the test of the support at $67.50 – $68.00.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Vladimir Zernovauthor
Vladimir is an independent trader, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.
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