Natural Gas, WTI Oil, Brent Oil – Oil Gains Ground As Saudi Oil Minister Warns Speculators

Key Insights

• Natural gas remains under pressure as traders focus on bearish weather forecasts. 
• WTI oil gained 1.5% as Saudi oil minister told speculators to “watch out” ahead of OPEC+ meeting. 
• Brent oil moved towards the strong resistance level at $77.50.

Natural Gas

Natural gas prices are testing the support at $2.35 as current demand for natural gas remains weak. Weather forecasts are bearish, and bulls will need additional positive catalysts to have a chance to break the short-term negative trend.

In case natural gas settles below the $2.35 level, it will move towards the support at $2.20. A move below $2.20 will push natural gas towards the $2.00 level.

R1:$2.60 – R2:$2.85 – R3:$3.00

S1:$2.35 – S2:$2.20 – S3:$2.00

WTI Oil

WTI oil gains ground as traders focus on recent comments from Saudi oil minister, who said the market speculators must “watch out” ahead of the OPEC+ meeting.

A move above the resistance at $74.00 will open the way to the test of the next resistance level at $75.70. In case WTI oil climbs above this level, it will move towards the resistance at $76.80.

R1:$74.00 – R2:$75.70 – R3:$76.80

S1:$72.70 – S2:$71.70 – S3:$70.30

Brent Oil

Brent oil moved towards multi-week highs as some traders were ready to bet on additional production cuts from OPEC+.

A successful test of the resistance at $77.50 will push Brent oil towards the $78.80 level. If Brent oil climbs above $78.80, it will head towards the resistance at $79.75.

R1:$77.50 – R2:$78.80 – R3:$79.75

S1:$76.25 – S2:$75.50 – S3:$74.60

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