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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats As Traders Focus On OPEC+ Production Plans
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Key Points:
- Natural gas is under strong pressure at the start of the week.
- WTI oil is losing ground as traders react to recent reports indicating that OPEC+ will raise production in August.
- Brent oil pulled back below the $67.00 level.
Natural Gas
Natural gas is losing ground as traders focus on changes in weather forecasts, which indicate that demand may fall in the second half of the week.
A successful test of the support level at $3.35 – $3.40 will open the way to the test of the next support at $3.05 – $3.10.
WTI Oil
WTI oil is moving lower as traders focus on rising production from OPEC+. Recent reports indicated that the group would boost production by 411,000 bpd in August.
If WTI oil settles below the 50 MA at $63.86, it will head towards the next support level at $62.00 – $62.50.
Brent Oil
Brent oil pulled back as geopolitical premium declined. Traders believe that ceasefire between Israel and Iran will hold, which is bearish for oil markets.
A move below the $66.00 level will push Brent oil towards the support level at $63.50 – $64.00.
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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