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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rallies On Supply Worries

FXEmpire.com -

Key Insights

  • Natural gas moves higher as bulls bet on colder weather.
  • WTI oil rallied as ships were rerouted from the Red Sea due to attacks from Houthi militants. 
  • Brent oil made an attempt to settle above the $79.00 level. 

Natural Gas

Natural Gas 181223 Daily Chart

Natural gas continues to rebound as traders focus on the encouraging changes in weather forecasts and expect colder weather at the end of the year.

In case natural gas settles above the resistance at $2.60 – $2.65, it will head towards the next resistance level at $2.80 – $2.85.

WTI Oil

WTI Oil 181223 Daily Chart

WTI oil rallied as Houthi militant groups continued to attack ships in the Red Sea. Traders worry about supply disruption and a potential military operation in Yemen.

In case WTI oil manages to settle above the resistance at $73.00 – $74.00, it will head towards the next resistance level at $79.00 – $80.00.

Brent Oil

Brent Oil 181223 Daily Chart

Brent oil gained upside momentum amid supply worries. Recent reports indicate that several countries may launch an operation against the Houthi to stop the attacks on ships.

A successful test of the resistance at $77.50 – $78.25 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.

This article was originally posted on FX Empire

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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