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Natural Gas, WTI Oil, Brent Oil – Oil Gains Ground Ahead Of OPEC+ Meeting

By:
Vladimir Zernov
Published: Jun 2, 2023, 17:48 GMT+00:00

U.S. debt deal served as an additional positive catalyst for oil markets.

WTI Oil

In this article:

Key Insights

  • Natural gas remains stuck near the $2.20 level. 
  • WTI oil moves higher as traders prepare for the OPEC+ meeting. 
  • Brent oil rebounded towards the $76 level. 

Natural Gas

Natural Gas
Natural Gas 020623 Daily Chart

Natural gas is trading near the support level at $2.20 as traders wait for additional catalysts.

In case natural gas manages to stay above the $2.20 level, it will move towards the resistance at $2.35. On the support side, a move below $2.20 will push natural gas towards the $2.00 level.

R1:$2.35 – R2:$2.60 – R3:$2.85

S1:$2.20 – S2:$2.00 – S3:$1.80

WTI Oil

WTI Oil
WTI Oil 020623 Daily Chart

WTI oil  continues to rebound as traders prepare for OPEC+ meeting. U.S. debt deal provides additional support to oil markets.

A move above the $71.70 level will push WTI oil towards the resistance at $73.50. In case WTI oil climbs above this level, it will head towards the next resistance at $74.70.

R1:$71.70 – R2:$73.50 – R3:$74.70

S1:$70.30 – S2:$69.20 – S3:$68.00

Brent Oil

Brent Oil
Brent Oil 020623 Daily Chart

Brent oil also gained strong momentum amid a broad rally in the oil markets.

The nearest significant resistance level for Brent oil is located at $77.50. If Brent oil climbs above this level, it will head towards the next resistance at $79.75.

R1:$77.50 – R2:$78.50 – R3:$79.75

S1:$75.50 – S2:$74.60 – S3:$73.50

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.

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