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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats Ahead Of OPEC+ Meeting
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Key Points:
- Natural gas rallied towards the $3.60 level.
- WTI oil pulled back as traders were bearish ahead of OPEC+ meeting.
- Brent oil declined towards the $61.00 level.
Natural Gas
Natural gas gains ground as traders focus on the recent EIA report. Current demand for natural gas remains low, but traders stay bullish.
If natural gas settles above the resistance at $3.60 – $3.65, it will move towards the next resistance level at $3.95 – $4.00.
WTI Oil
WTI oil is losing ground as traders prepare for OPEC+ meeting, which will be held on May 3. OPEC+ countries will discuss their June output plan.
A successful test of the support level at $57.50 – $58.00 will open the way to the test of the next support at $53.50 – $54.00.
Brent Oil
Brent oil is losing ground as traders worry that OPEC+ will boost production despite trade wars.
If Brent oil settles below the $60.00 level, it will move towards the support at $58.00 – $58.50.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Vladimir Zernovauthor
Vladimir is an independent trader, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.
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