Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Gains Ground As Houthis Attack UK-Registered Ship

By:

Vladimir Zernov

Published: Feb 19, 2024, 18:49 UTC

Key Points:

Natural gas tests new lows as the strong pullback continues.
WTI oil moves higher as Houthis attack another ship in the Gulf of Aden.
Brent oil continues its attempts to settle above the $83.50 level.

Natural Gas

Natural Gas 190224 Daily Chart

Natural gas tested new lows as traders remained focused on warm weather and weak demand. The spread between the March contract and the April contract is just $0.07, so traders do not expect that the situation will get better in the near term.

The technical picture remains bearish, as natural gas moved below the support at $1.60 – $1.65.

WTI Oil

WTI Oil 190224 Daily Chart

WTI oil gains ground as traders react to the news from the Middle East. Houthis have reportedly attacked Rubymar cargo ship, which is at the risk of sinking.

In case WTI oil manages to settle above $79.00 – $80.00, it will move towards the next resistance at $85.50 – $86.50.

Brent Oil

Brent Oil 190224 Daily Chart

Brent oil is also moving higher amid rising tensions in the Middle East. Trading is calm due to U.S. holiday, so traders can expect to see stronger reaction tomorrow.

A successful test of the resistance at $83.50 – $84.50 will push Brent oil towards the next resistance at $89.00 – $90.00.

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

About the Author

Vladimir Zernovauthor

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.