Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats As OPEC Cuts Demand Forecast

Natural Gas

Natural gas remains under strong pressure as demand for natural gas declined after Hurricane Milton.

From the technical point of view, natural gas settled below the support at $2.60 – $2.65 and is moving towards the next support level at $2.40 – $2.45.

WTI Oil

WTI oil is losing ground as traders react to OPEC Monthly Report, which indicated that the organization cut its demand growth forecast from 2 million bpd to 1.9 million bpd.  The forecast for 2025 was reduced from 1.7 million bpd to 1.6 million bpd.

If WTI oil settles below the $74.00 level, it will move towards the nearest support, which is located in the $72.00 – $72.50 range.

Brent Oil

Brent oil tests support at $77.00 – $77.50 amid broad pullback in the oil markets.

A move below the $77.00 level will push Brent oil towards the next support level at $71.00 – $71.50.

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