Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Markets Pull Back From Session Highs As Traders Wait For Additional Catalysts

Key Insights

• Natural gas continues its attempts to settle above the strong resistance at $2.60 – $2.65.
• WTI oil tried to climb above the $88.00 level as traders remained focused on OPEC+ cuts.
• Brent oil settled above the $90.00 level but may need additional catalysts to move higher.

Natural Gas

Natural gas is trying to climb above the resistance at $2.60 – $2.65 as traders remain focused on Australian LNG strikes and changes in weather forecasts.

A successful test of the resistance at $2.65 will push natural gas towards the next resistance at $2.80 – $2.85.

WTI Oil

WTI oil continues its attempts to settle above the resistance at $86.00 – $87.30 as traders bet that OPEC+ production cuts will boost prices.

In case WTI oil settles above $87.30, it will head towards the next significant resistance at $92.50 – $94.00.

Brent Oil

Brent oil is trading above the $90.00 level, although it failed to gain additional upside momentum. Worries about the slowdown of the global economy put some pressure on Brent oil.

RSI is close to the overbought territory, but there is enough room to gain additional momentum. At the same time, a move below the $88.80 level may trigger a pullback.

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