Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests New Highs As OPEC Maintains Demand Forecasts - FX Empire
Natural Gas, WTI Oil, Brent Oil Forecasts - Oil Tests New Highs As OPEC Maintains Demand Forecasts
Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests New Highs As OPEC Maintains Demand Forecasts
Key Insights
- Natural gas rallied towards $2.80 as traders focused on maintenance delays at the Troll gas field in Norway.
- WTI oil tested new highs as OPEC maintained its aggressive demand growth forecasts.
- Brent oil moved above the $92.00 level.
Natural Gas
Natural gas rallied above the resistance at $2.60 – $2.65 as traders reacted to the strikes in Australia and maintenance delays at the Troll gas field in Norway.
It remains to be seen whether natural gas has sufficient catalysts to move above the next resistance level at $2.80 – $2.85. This level has been a major obstacle on the way up for natural gas for many months, and a brief attempt to settle above $2.85 in August yielded no results.
WTI Oil
WTI oil tested new highs as OPEC maintained its predictions for the robust growth of oil demand in 2023 and 2024.
From the technical point of view, WTI oil moved above the resistance at $86.00 – $87.30 and is heading towards the next resistance level at $92.50 – $94.00.
Brent Oil
Brent oil has also climbed above the recent resistance at $88.80 – $90.00 and is moving higher. Traders stay focused on tight supplies, which is bullish for oil prices.
It should be noted that RSI is in the overbought territory, so the risks of a pullback are increasing. However, Brent oil has a decent chance to gain additional momentum as it has recently settled above the important resistance level.
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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.