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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Markets Take A Pause

By:
Vladimir Zernov

Oil traders are waiting for additional catalysts after a strong rebound.

Natural Gas, WTI Oil, Brent Oil Forecasts

In this article:

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
Natural Gas 211123 Daily Chart

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
WTI Oil 211123 Daily Chart

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
Brent Oil 211123 Daily Chart

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.

About the Author

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.

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