Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats On Oversupply Concerns

Natural Gas

Natural gas faced resistance near the $4.60 level and pulled back. RSI remains in the moderate territory, so there is enough room to gain additional momentum in the near term.

A move above the $4.65 level will open the way to the test of the resistance at $5.00 – $5.05.

WTI Oil

WTI oil found itself under strong pressure as OPEC report noted that supply would equal demand in 2026. Previously, OPEC projected a supply deficit.

In case WTI oil settles below the $58.00 level, it will head towards the support level at $55.50 – $56.00.

Brent Oil

Brent oil suffered a sell-off as traders reacted to the OPEC report and focused on oversupply concerns.

A move below the $62.00 level will push Brent oil towards the support level at $60.50 – $61.00.

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