Oil prices test new lows as traders worry that voluntary OPEC+ production cuts would not be fully implemented.
Natural gas prices test new lows as forecasts point to mild weather. The current demand for natural gas remains low, which is bearish for natural gas markets.
In case natural gas settles below the support at $2.60 – $2.65, it will move towards the next support level, which is located in the $2.40 – $2.45 range.
WTI oil remains under pressure amid demand worries. The recent OPEC+ decision did not provide any support to oil prices.
A successful test of the support at $73.00 – $74.00 will open the way to the test of the next support level at $67.50 – $68.50.
Brent oil is also losing ground amid a broad pullback in the oil markets. At this point, oil markets need material positive catalysts to break the current trend.
If Brent oil settles below the support at $77.50, it will gain additional downside momentum and move towards the next support level at $71.75 – $73.00.
For a look at all of today’s economic events, check out our economic calendar.
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.