Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests New Highs As Traders Bet On OPEC+ Production Cuts

Natural Gas

Natural gas pulled back as traders continued to take profits after the recent rebound. At this point, natural gas needs additional catalysts to move higher.

In case natural gas declines below the $1.80 level, it will move towards the nearest support, which is located in the $1.60 – $1.65 range.

WTI Oil

WTI oil tested new highs amid reports indicating that OPEC+ may roll over its production cuts through the second quarter. Some sources indicate that OPEC+ may leave production cuts unchanged until the end of the year.

In case WTI oil settles above the $80.00 level, it will gain additional upside momentum and move towards the next resistance at $85.50 – $86.50.

Brent Oil

Brent oil gained ground amid a broad rally in the energy markets. Traders also focus on China, which will reveal additional stimulus measures next week.

The technical picture looks bullish as Brent oil tests the key resistance at $83.50 – $84.50 after a long period of consolidation.

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