Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Drops As Bulls Worry That OPEC+ Will Raise Production

By:

Vladimir Zernov

Published: Sep 26, 2024, 18:45 GMT+00:00

Key Points:

Natural gas moved lower after the release of the EIA report.
WTI oil declined as traders focused on the potential production increase from OPEC+.
Brent oil pulled back below the $72.00 level.

Natural Gas

Natural Gas 260924 Daily Chart

Natural gas pulls back as traders react to the EIA report, which indicated that working gas in storage increased by 47 Bcf from the previous week.

It should be noted that traders switched to November 2024 contract. A move below the $2.75 level will open the way to the test of the nearest support at $2.60 – $2.65.

WTI Oil

WTI Oil 260924 Daily Chart

WTI oil is under pressure amid reports indicating that Saudi Arabia may be ready to drop its $100 oil target and focus on its market share.

In case WTI oil settles below the support at $68.00 – $68.50, it will head towards the next support level at $64.00 – $64.50.

Brent Oil

Brent Oil 260924 Daily Chart

Brent oil is also losing ground as traders bet that OPEC+ will boost production in December.

If Brent oil stays below the $72.50 level, it will head towards the next support level at $69.50 – $70.00.

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.