Natural Gas, WTI Oil, Brent Oil Forecasts – WTI Oil Dives 4.5% As OPEC Cuts Demand Forecasts

Natural Gas

Natural gas gains ground as traders remain focused on the potential impact of Hurricane Francine.

A successful test of the resistance at $2.25 – $2.30 will push natural gas towards the next resistance at $2.55 – $2.60.

WTI Oil

WTI oil tests yearly lows as traders react to the OPEC report, which indicated that the organization had cut its demand growth forecasts for 2024 and 2025.

If WTI oil settles below the $65.00 level, it will head towards the next support at $64.00 – $64.50.

Brent Oil

Brent oil is under strong pressure amid demand concerns. The revision of OPEC’s forecasts had a major negative impact on oil markets today.

Traders should note that RSI has recently moved into the oversold territory, so the risks of a rebound are increasing.

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