Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats As Traders Focus On OPEC+ Production Plans

Natural Gas

Natural gas is losing ground as traders focus on changes in weather forecasts, which indicate that demand may fall in the second half of the week.

A successful test of the support level at $3.35 – $3.40 will open the way to the test of the next support at $3.05 – $3.10.

WTI Oil

WTI oil is moving lower as traders focus on rising production from OPEC+. Recent reports indicated that the group would boost production by 411,000 bpd in August.

If WTI oil settles below the 50 MA at $63.86, it will head towards the next support level at $62.00 – $62.50.

Brent Oil

Brent oil pulled back as geopolitical premium declined. Traders believe that ceasefire between Israel and Iran will hold, which is bearish for oil markets.

A move below the $66.00 level will push Brent oil towards the support level at $63.50 – $64.00.

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