Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Traders Stay Cautious As OPEC+ Is Reportedly Ready To Boost Production

Natural Gas

Natural gas rallied as traders rushed to close their short positions ahead of the weekend. The current demand for natural gas remains high, which may provide additional support to natural gas markets.

If natural gas stays above the $3.65 level, it will head towards the next resistance level at $3.95 – $4.00.

WTI Oil

WTI oil is swinging between gains and losses as the market continues to stabilize after recent volatility.

If WTI oil pulls back below the 50 MA at $63.84, it will head towards the support level at $62.00 – $62.50.

Brent Oil

Brent oil remains stuck near the support at $67.50 – $68.00. Recent reports indicate that OPEC+ may further boost its production, but the market showed little reaction to the news.

A move below the 50 MA at $66.57 will open the way to the test of the next support level, 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.