Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Traders Wait For OPEC+ News

Key Insights

• Natural gas received support in the $2.80 – $2.85 range. 
• WTI oil settled near the $76.00 level as traders waited for news from OPEC+.
• Brent oil pulled back towards $81.00 after an unsuccessful attempt to settle above the $82.00 level. 

Natural Gas

Natural gas stabilized in the $2.80 – $2.90 range as traders waited for additional catalysts.

In case natural gas settles below the $2.80 level, it will move towards the support at $2.60 – $2.65.

WTI Oil

WTI oil was mostly flat amid reports that OPEC+ was close to a compromise with African producers who wanted to increase their quotas.

WTI oil needs to settle above the $77.50 level to have a chance to gain sustainable momentum. If WTI oil climbs above $77.50, it will head towards the resistance at $82.50 – $83.50.

Brent Oil

Brent oil is swinging between gains and losses as traders wait for more news from OPEC+. The temporary truce between Israel and Hamas served as a negative catalyst for oil markets, but it remains to be seen whether Middle East tensions will decrease in the near term.

Brent oil has recently made an attempt to settle above the resistance at $81.75 but failed to develop sufficient momentum. Most likely, it will not be able to gain additional upside momentum ahead of the weekend.

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