Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Gains Ground Amid Tensions In Red Sea - FX Empire

Natural Gas, WTI Oil, Brent Oil Forecasts - Oil Gains Ground Amid Tensions In Red Sea

Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Gains Ground Amid Tensions In Red Sea

Published: Dec 19, 2023, 18:34 UTC•1min read

Global firms suspend Red Sea voyages amid worries about the safety of their vessels.

Mentioned in Article
Natural Gas

$2.3235
-2.37%

WTI Oil

$73.743

+1.53%

Brent Oil

$79.088

+1.46%

Key Insights

- Natural gas managed to rebound from session lows and settled near the $2.50 level.
- WTI oil continues its attempts to settle above the $84.00 level.
- Brent oil climbed above $79.00 amid supply worries.

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Natural Gas

Natural gas rebounded from session lows, although traders remained worried about high production and mild weather.

In case natural gas settles above the $2.50 level, it will move towards the nearest resistance at $2.60 – $2.65.

WTI Oil

Brent oil tested new highs amid supply worries. At this point, there’s no impact on the flow of oil in the Middle East, but transportation costs have increased due to longer journeys.

From the technical point of view, Brent oil is trying to settle above the resistance at $77.50 – $78.25. A move above $80.00 will push Brent oil towards the next resistance at $83.50 – $84.50.

For a look at all of today’s economic events, check out our economic calendar.

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