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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Markets Are Moving Lower Ahead Of OPEC+ Meeting
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Key Points:
- Natural gas retreats as weather forecasts stay bearish.
- WTI oil did not manage to settle below the psychologically important $60.00 level.
- Brent oil tested support at $62.00 - $62.50.
Natural Gas
Natural gas is losing ground as traders focus on cooler weather forecasts, which indicate that demand will stay low.
If natural gas settles below the support at $3.35 – $3.40, it will head towards the next support level, which is located in the $3.05 – $3.10 range.
WTI Oil
WTI oil is swinging between gains and losses as traders prepare for OPEC+ decision on the group’s production plans, which will be made on Saturday.
The technical picture remains unchanged as WTI oil did not manage to settle below the $60.00 level.
Brent Oil
Brent oil tests support at $62.00 – $62.50 as traders worry that OPEC+ may raise production in July by more than 411,000 bpd.
A move below the support at $62.00 will push Brent oil towards the next support level at $58.50 – $59.00.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Vladimir Zernovauthor
In more than 15 years of trading in the financial markets, Vladimir dealt with a wide range of brokers and financial instruments. His career as a day-trader at a proprietary trading firm goes back to 2007. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. Using his experience, he helps traders find the best broker in his reviews.
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