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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Gains Ground As OPEC+ May Delay Production Hike
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Key Points:
- Natural gas tests new lows as traders focus on the EIA report.
- WTI oil gains ground as traders bet that OPEC+ will not increase production in December.
- Brent oil is trying to climb above the $74.00 level.
Natural Gas
Natural gas is losing ground as traders react to the EIA report, which showed that working gas in storage increased by +78 Bcf from the previous week.
A move below the $2.75 level opens the way to the test of the $2.60 level. RSI is in the moderate territory, and there is enough room to gain momentum in the near term.
WTI Oil
WTI oil gains ground amid reports indicating that OPEC+ may delay its December oil production increase.
If WTI oil stays above the $70.00 level, it will head towards the resistance at $72.00 – $72.50.
Brent Oil
Brent oil is moving higher as traders focus on the potential moves from OPEC+.
A move above the 50 MA at $74.93 will push Brent oil towards the resistance at $77.00 – $77.50.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Vladimir Zernovauthor
Vladimir is an independent trader, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.
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