Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Markets Pull Back Ahead Of OPEC+ Meeting

By:

Vladimir Zernov

Published: May 31, 2024, 18:11 GMT+00:00

Key Points:

Natural gas is mostly flat as traders wait for catalysts.
WTI oil is losing ground as traders prepare for the OPEC+ decision on production cuts.
Brent oil pulled back towards the $81.00 level.

Natural Gas

Natural Gas 310524 Daily Chart

Natural gas is mostly flat as traders wait for additional catalysts after the strong pullback from recent highs.

A move below the support at $2.45 – $2.50 will provide natural gas with an opportunity to gain additional downside momentum.

WTI Oil

WTI Oil 310524 Daily Chart

WTI oil is losing ground as traders focus on the upcoming OPEC+ decision on production cuts.

From a big picture point of view, traders are worried that oil demand may be weaker than previously expected.

Brent Oil

Brent Oil 310524 Daily Chart

Brent oil tests support at $80.00 – $81.00 amid demand worries. From a big picture point of view, Brent oil remains stuck between the support at $80.00 – $81.00 and the resistance at $83.50 – $84.50.

At this point, Brent oil needs significant catalysts to get out of the current trading range.

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 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.