Natural Gas, WTI Oil, Brent Oil – Oil Gains Ground Ahead Of OPEC+ Meeting

Key Insights

• Natural gas remains stuck near the $2.20 level. 
• WTI oil moves higher as traders prepare for the OPEC+ meeting. 
• Brent oil rebounded towards the $76 level. 

Natural Gas

Natural gas is trading near the support level at $2.20 as traders wait for additional catalysts.

In case natural gas manages to stay above the $2.20 level, it will move towards the resistance at $2.35. On the support side, a move below $2.20 will push natural gas towards the $2.00 level.

R1:$2.35 – R2:$2.60 – R3:$2.85

S1:$2.20 – S2:$2.00 – S3:$1.80

WTI Oil

WTI oil  continues to rebound as traders prepare for OPEC+ meeting. U.S. debt deal provides additional support to oil markets.

A move above the $71.70 level will push WTI oil towards the resistance at $73.50. In case WTI oil climbs above this level, it will head towards the next resistance at $74.70.

R1:$71.70 – R2:$73.50 – R3:$74.70

S1:$70.30 – S2:$69.20 – S3:$68.00

Brent Oil

Brent oil also gained strong momentum amid a broad rally in the oil markets.

The nearest significant resistance level for Brent oil is located at $77.50. If Brent oil climbs above this level, it will head towards the next resistance at $79.75.

R1:$77.50 – R2:$78.50 – R3:$79.75

S1:$75.50 – S2:$74.60 – S3:$73.50

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