Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats As Saudi Arabia Cuts Prices For Asian Buyers

Natural Gas

Natural gas gains ground as traders focus on the EIA report, which indicated that working gas in storage increased by +33 Bcf from the previous week.

In case natural gas settles above the resistance at $4.25 – $4.30, it will head towards the next resistance level, which is located in the $4.60 – $4.65 range.

WTI Oil

WTI oil is losing ground amid reports indicating that Saudi Arabia cut prices for Asian buyers in December.

A move below the $59.00 level will push WTI oil towards the support level at $55.50 – $56.00.

Brent Oil

Brent oil pulls back as traders worry that rising OPEC+ production will put material pressure on prices.

In case Brent oil manages to settle below the $63.00 level, it will head towards the support at $60.50 – $61.00.

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