Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Mixed Amid A Lack Of Catalysts - FX Empire
Natural Gas, WTI Oil, Brent Oil Forecasts - Oil Mixed Amid A Lack Of Catalysts
Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Mixed Amid A Lack Of Catalysts
Key Insights
- Natural gas stays range-bound while bulls hope for colder weather in the first half of January.
- WTI oil settled near $72.00 as traders remained focused on the situation in Red Sea.
- Brent oil was mostly flat as traders waited for catalysts.
Natural Gas
Natural gas stays range-bound as traders evaluate the weather outlook. Current demand for natural gas stays low, but bulls hope that it will grow in the first half of January.
If natural gas climbs above the resistance at $2.60 – $2.65, it will move towards the next resistance level at $2.80 – $2.85.
WTI Oil
WTI oil is mostly flat as traders stay focused on the developments in Red Sea. According to recent reports, some tankers are taking the longer route around Africa, which may provide some support to oil prices.
From the technical point of view, WTI oil must settle back above the resistance at $73.00 – $74.00 to have a chance to gain upside momentum.
Brent Oil
Brent oil is swinging between gains and losses amid a lack of strong catalysts. Traders are not ready for big moves in the final trading session of the year.
If Brent oil manages to settle back above the support at $77.50 – $78.25, it will move towards the 20 MA at $81.05.
For a look at all of today’s economic events, check out our economic calendar.
Related Knowledge Center: ENERGY BASICS: petroleum
While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.