Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Gains Ground As OPEC+ May Delay Production Hike

By:

Vladimir Zernov

Published: Oct 31, 2024, 19:05 GMT+00:00

Key Points:

Natural gas tests new lows as traders focus on the EIA report.
WTI oil gains ground as traders bet that OPEC+ will not increase production in December.
Brent oil is trying to climb above the $74.00 level.

Natural Gas

Natural Gas 311024 Daily Chart

Natural gas is losing ground as traders react to the EIA report, which showed that working gas in storage increased by +78 Bcf from the previous week.

A move below the $2.75 level opens the way to the test of the $2.60 level. RSI is in the moderate territory, and there is enough room to gain momentum in the near term.

WTI Oil

WTI Oil 311024 Daily Chart

WTI oil gains ground amid reports indicating that OPEC+ may delay its December oil production increase.

If WTI oil stays above the $70.00 level, it will head towards the resistance at $72.00 – $72.50.

Brent Oil

Brent Oil 311024 Daily Chart

Brent oil is moving higher as traders focus on the potential moves from OPEC+.

A move above the 50 MA at $74.93 will push Brent oil towards the resistance at $77.00 – $77.50.

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.