Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rebounds From Session Lows

Key Insights

• Natural gas markets are closed today. 
• WTI oil rebounded towards $76.50 as traders evaluated the recent OPEC+ decision to postpone its meeting. 
• Brent oil moved back towards the $81.00 level. 

Natural Gas

U.S. natural gas markets are closed on Thursday in observance of Thanksgiving.

WTI Oil

WTI oil rebounded from session lows as traders remained focused on the recent OPEC+ decision to postpone its meeting.

From the technical point of view, WTI oil needs to settle above the resistance at $76.50 – $77.50 to have a chance to gain sustainable upside momentum.

Brent Oil

Brent oil has also managed to rebound from session lows. At this point, it looks that OPEC+ will not announce additional production cuts, which could have a negative impact on the oil markets. At the same time, the recent economic data from the EU suggests that the economic situation may have started to improve, which is bullish for oil.

A move above the resistance at $80.50 – $81.75 will push Brent oil towards the next resistance level, which is located in the $87.00 – $88.00 range.

For a look at all of today’s economic events, check out our economic calendar.