Key Insights
- Natural gas pulled back below the $2.80 level.
- WTI oil settled near $75.00 as traders waited for the news from OPEC+.
- Brent oil traded near the psychologically important $80.00 level.
Natural Gas
Natural gas tests new lows as weather forecasts remain bearish. The current demand for natural gas is high, but is is expected to be low at the start of December.
In case natural gas stays below the $2.80 level, it will head towards the next support, which is located in the $2.60 – $2.65 range.
WTI Oil
WTI oil is mostly flat as traders continue to wait for the OPEC+ meeting, which will take place on Thursday.
From the technical point of view, WTI oil settled in the range between the support at $73.00 and the resistance at $77.50.
Brent Oil
Brent oil is swinging between gains and losses while traders remain focused on the rumors about OPEC+ decision.
The current trend is bearish, so Brent oil will need material support from OPEC+ to settle above the resistance at $81.75 and gain sustainable upside momentum.
For a look at all of today’s economic events, check out our economic calendar.
