Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats Despite OPEC+ Production Cuts

Key Insights

• Natural gas is swinging between gains and losses after EIA report. 
• WTI oil is under pressure as traders are skeptical about OPEC+ production cuts. 
• Brent oil moved back below the $82.00 level.

Natural Gas

Natural gas is mostly flat as traders react to the EIA Weekly Natural Gas Storage report, which indicated that working gas in storage increased by 10 Bcf from the previous week.

It looks that natural gas has found support in the $2.80 – $2.85 range, although the direction of the next move will depend on the dynamics of weather forecasts.

WTI Oil

WTI oil is losing ground as traders react to the results of OPEC+ meeting. The oil producers agreed to cut output by 2 million bpd, with Saudi Arabia extending its voluntary cuts of 1 million bpd.

From the technical point of view, WTI oil failed to settle above the resistance in the $76.50 – $77.50 range, which is a disappointment for the bulls.

Brent Oil

Brent oil has also found itself under pressure as traders are worried that some OPEC+ nations will fail to comply with the scheduled production cuts as they are expected to be voluntary.

A move below the $80.50 level will push Brent oil towards the support at $77.50 – $78.25.

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