Advertisement
Advertisement

Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Soars As OPEC+ May Deepen Production Cuts

By:
Vladimir Zernov
Published: Nov 17, 2023, 17:48 GMT+00:00

According to a recent report, OPEC+ will discuss additional supply cuts when the group meets at the end of November.

Natural Gas, WTI Oil, Brent Oil Forecasts

In this article:

Key Insights

  • Natural gas is losing ground as traders stay focused on rising inventories. 
  • WTI oil rallied as OPEC+ may further cut production to boost prices. 
  • Brent oil moved back above the $80.00 level. 

Natural Gas

Natural Gas
Natural Gas 171123 Daily Chart

Natural gas remains under pressure as traders focus on record production and storage surplus.

In case natural gas stays below the $3.00 level, it will get to the test of the next support level at $2.80 – $2.85.

WTI Oil

WTI Oil
WTI Oil 171123 Daily Chart

WTI oil rebounds amid reports indicating that OPEC+ may deepen its production cuts to provide additional support to the market.

WTI oil was already close to the oversold territory, so it’s not surprising to see that short sellers rushed to take profits off the table.

Brent Oil

Brent Oil
Brent Oil 171123 Daily Chart

Brent oil has also gained strong momentum as changes in OPEC+ production plans may lead to serious changes in the supply/demand balance.

To continue the rebound, Brent oil needs to settle above the nearest resistance, which is located in the $80.50 – $81.75 range.

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

About the Author

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.

Did you find this article useful?

Advertisement