Market Insights > First Look

First Look - OPEC delays meeting

Oil is trading higher but heading for a weekly loss
- WTI prices are down about $2/Bbl from the start of the week
OPEC delays meeting
- OPEC has pushed its next meeting back by four days, with it now scheduled for December 5
- OPEC members will determine the future of the plan to bring back supply, and decide whether or not to delay the plan
- Currently, OPEC plans to begin restoring production in January 2025, but many market participants expect this to be pushed again due to weak market conditions

Natural gas is trading higher following cooler weather forecasts
- Prompt month Henry Hub is heading for another weekly gain
Weather forecasts turn colder
- The Euro weather model gained a total of 16.4 HDDs over the past 24 hours, with temperatures broadly expected to be colder than the ten-year average over the next two weeks
- This should support gas demand and lead to larger-than-average storage draws