Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back As OPEC+ Extends Production Cuts

Natural Gas

Natural gas pulled back from session highs as traders reacted to the EIA report, which indicated that working gas in storage declined by 30 Bcf from the previous week.

If natural gas settles below the support level at $3.00 – $3.05, it will head towards the next support at $2.75 – $2.80.

WTI Oil

WTI oil is losing ground as traders react to OPEC+ decision. The organization decided to delay its oil output hike until April. Production cuts were extended into 2026.

A successful test of the support at $67.00 – $67.50 will push WTI oil towards the next support level at $63.50 – $64.00.

Brent Oil

Brent oil moved lower as traders focused on OPEC+ and worried about weak demand.

A move below the $71.00 level will push Brent oil towards the next support level, which is located in the $67.50 – $68.00 range.

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