Key Insights
- Natural gas is trying to settle below $2.85 as weather forecasts remain bearish.
- WTI oil settled near $77.50 as traders took some profits off the table.
- Brent oil pulled back below the $82.00 level.
Natural Gas
Natural gas remains under pressure as weather is expected to be warmer than normal at the beginning of December.
A move below the support at $2.80 – $2.85 will open the way to the test of the next support level, which is located in the $2.60 – $2.65 range.
WTI Oil
WTI oil is mostly flat as traders wait for catalysts after the strong rebound, which was driven by expectations of an additional production cut from OPEC+.
If WTI oil settles above the resistance at $76.50 – $77.50, it will head towards the next resistance level at $82.50 – $83.50.
Brent Oil
Brent oil is also flat amid a lack of catalysts. Profit-taking may serve as an important catalyst today, although it remains to be seen whether bulls want to reduce their long positions ahead of the OPEC+ meeting.
A successful test of the resistance at $80.50 – $81.75 will push Brent oil towards the next resistance level at $87.00 – $88.00.
For a look at all of today’s economic events, check out our economic calendar.
