Natural Gas, WTI Oil, Brent Oil – Oil Markets Slide As OPEC+ Cancels Technical Committee’s Meeting
- Natural gas tested new lows as traders focused on disappointing weather forecasts.
- WTI oil moved lower amid lack of additional upside catalysts.
- Brent oil moved towards the $85 level as OPEC+ cancelled the meeting of the technical committee.
Natural gas keeps moving lower amid lack of upside catalysts. While the current demand for natural gas is high, longer-term forecasts point to warmer weather, which is bearish for natural gas prices.
WTI oil pulls back despite drone attack in Iran, which happened over the weekend. Russian oil stays in the market despite new sanctions, and it looks that oil will need additional catalysts to move higher.
Brent oil is trying to settle below the $85 level as traders prepare for the OPEC+ meeting. OPEC+ technical committee’s meeting, which was scheduled for January 31, was cancelled. Typically, such meetings are cancelled when OPEC+ plans to leave its quotas intact. As traders are worried about a potential recession in the developed economies, the absence of additional production cuts may be viewed as a bearish catalyst for oil markets.
For a look at all of today’s economic events, check out our economic calendar.