Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Is Flat As OPEC Cuts Demand Forecast

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.

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