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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats As Traders Wait For OPEC+ Production Decision
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Key Points:
- Natural gas traders remain focused on changes in weather forecasts.
- WTI oil pulled back as traders focused on OPEC+ production plans.
- Brent oil made an attempt to settle below the $67.50 level.
Natural Gas
Natural gas remained under pressure this week as traders focused on rising inventories and disappointing weather forecasts.
A move below the $3.35 level will push natural gas towards the support at $3.05 – $3.10.
WTI Oil
WTI oil is losing ground as traders prepare for OPEC+ production increase. The group is expected to raise production by 411,000 bpd.
In case WTI oil settles back below the $66.00 level, it will head towards the 50 MA at $64.16.
Brent Oil
Brent oil continued its attempts to settle back below the support level at $67.50 – $68.00.
In case Brent oil settles below $67.50, it will head towards the next support, which is located in the $63.50 – $64.00 range.
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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