Natural Gas, WTI Oil, and Brent Oil Forecasts Amid OPEC+ Speculations
Natural Gas Forecast
Natural gas is currently experiencing a pullback as traders react to the latest EIA report, which revealed a significant increase of 47 Bcf in working gas storage compared to the previous week. As traders shift their focus to the November 2024 contract, a breach below the $2.75 mark could pave the way for testing key support around $2.60-$2.65.
WTI Oil Forecast
WTI Oil is encountering substantial pressure with new reports indicating that Saudi Arabia might abandon its ambitious $100 oil target in favor of prioritizing market share. Should WTI oil drop below the support range of $68.00-$68.50, it could decline toward the next support area between $64.00-$64.50.
Brent Oil Forecast
Brent Oil is also facing losses as traders speculate that OPEC+ may increase production levels in December. If Brent prices remain below $72.50, they are likely to test the next support zone around $69.50-$70.00.
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This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.