Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rallies As Houthis Attack Ships In Red Sea - FX Empire
Natural Gas, WTI Oil, Brent Oil Forecasts - Oil Rallies As Houthis Attack Ships In Red Sea
Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rallies As Houthis Attack Ships In Red Sea
Key Insights
- Natural gas pulls back as demand stays low due to mild weather.
- WTI oil gained ground as traders focused on the attacks on ships in Red Sea.
- Brent oil rallied towards the $81.00 level.
Natural Gas
Natural gas is losing ground as traders react to the bearish changes in weather forecasts.
From the technical point of view, natural gas remains stuck between the support at $2.40 and the resistance at $2.65.
WTI Oil
WTI oil rallied as attacks on ships in Red Sea continued. Traders worry that oil supply routes may be disrupted.
Currently, WTI oil is trying to settle above the resistance at $73.00 – $74.00. If WTI oil stays above the $74.00 level, it will move towards the 50 MA at $77.35.
Brent Oil
Brent oil gained upside momentum amid supply worries. As usual, rising tensions in the Middle East serve as a material bullish catalyst for oil markets.
A move above the 50 MA at $81.85 will open the way to the test of the next resistance at $83.50 – $84.50.
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.