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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats Ahead Of OPEC+ Meeting
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Key Points:
- Natural gas rallied towards the $3.60 level.
- WTI oil pulled back as traders were bearish ahead of OPEC+ meeting.
- Brent oil declined towards the $61.00 level.
Natural Gas
Natural gas gains ground as traders focus on the recent EIA report. Current demand for natural gas remains low, but traders stay bullish.
If natural gas settles above the resistance at $3.60 – $3.65, it will move towards the next resistance level at $3.95 – $4.00.
WTI Oil
WTI oil is losing ground as traders prepare for OPEC+ meeting, which will be held on May 3. OPEC+ countries will discuss their June output plan.
A successful test of the support level at $57.50 – $58.00 will open the way to the test of the next support at $53.50 – $54.00.
Brent Oil
Brent oil is losing ground as traders worry that OPEC+ will boost production despite trade wars.
If Brent oil settles below the $60.00 level, it will move towards the support at $58.00 – $58.50.
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.
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