Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats As OPEC+ May Raise Production By 500,000 Bpd

Natural Gas

Natural gas  is trying to settle above the resistance at $3.20 – $3.30 as traders focus on bullish changes in weather forecasts.

In case natural gas settles above the $3.30 level, it will head towards the next resistance at $3.55 – $3.60.

WTI Oil

WTI oil is losing ground amid reports indicating that OPEC+ plans to raise production by 500,000 bpd. OPEC issued a statement denying the reports, but the market remained under strong pressure.

If WTI oil pulls back below the $62.00 level, it will head towards the support at $60.00 – $60.50.

Brent Oil

Brent oil is losing ground as traders worry that OPEC+ actions will lead to record surplus.

A move below the $66.00 level will push Brent oil towards the support level at $64.50 – $65.00.

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