Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rallies As Traders Focus On Production Cuts

Key Insights

• Natural gas retreats as traders bet that demand would drop due to cooler weather. 
• WTI oil tries to settle above the key resistance at $86.00 – $87.30. 
• Brent oil tests the psychologically important $90.00 level. 

Natural Gas

Natural gas pulls back as traders focus on cooler trends in weather forecasts, which will lead to lower demand for natural gas.

In case natural gas settles below the support at $2.60 – $2.65, it will head towards the next support level, which is located in the $2.35 – $2.40 range.

WTI Oil

WTI oil rallied as Saudi Arabia and Russia extended their voluntary production cuts until the end of this year.

Currently, WTI oil is trying to settle above the resistance at $86.00 – $87.30. In case this attempt is successful, WTI oil will head towards the next resistance level, which is located in the $92.50 – $94.00 range.

Brent Oil

Brent oil has also gained strong upside momentum as traders focused on production cuts.

RSI has recently moved into the overbought territory, so some traders may soon decide to take profits off the table.

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