Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Dives As OPEC+ Delays Its Meeting

Key Insights

• Natural gas is under pressure as weather forecasts remain bearish. 
• WTI oil pulled back as OPEC+ delayed its meeting, which was scheduled for Sunday. 
• Brent oil settled back below the psychologically important $80.00 level. 

Natural Gas

Natural gas remains under pressure as traders stay focused on bearish weather forecasts.

A successful test of the support at $2.80 – $2.85 will open the way to the test of the next support level at $2.60 – $2.65.

WTI Oil

WTI oil is under strong pressure as traders react to OPEC+ decision to delay its meeting. Bulls are worried that OPEC+ countries may not be able to provide additional support to oil markets.

The nearest support level for WTI oil is located in the $73.00 – $74.00 range. A move below $73.00 will provide WTI oil with a chance to gain strong downside momentum.

Brent Oil

Brent oil pulled back below the $80.00 level as traders reacted to OPEC+ news. The EIA report, which showed that crude inventories increased by 8.7 million barrels from the previous week, may serve as an additional negative catalyst for oil markets.

From the technical point of view, Brent oil failed to settle above the resistance at $80.50 – $81.75 and is moving towards the nearest support level at $77.50 – $78.25.

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