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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Is Mostly Flat As Traders Stay Cautious

By:
Vladimir Zernov

Demand worries persist but some traders are ready to bet on a rebound.

Natural Gas, WTI Oil, Brent Oil Forecasts

In this article:

Key Insights

  • Natural gas retreats due to bearish weather forecasts. 
  • WTI oil settled above the $71.00 level as traders waited for additional catalysts. 
  • Brent oil managed to stay above the psychologically important $75.00 level. 

Natural Gas

Natural Gas
Natural Gas 111223 Daily Chart

Natural gas is under strong pressure as bearish weather forecasts eliminate any hopes for a quick rebound.

In case natural gas settles below the support at $2.40 – $2.45, it will head towards the strong support level, which is located in the $2.00 – $2.10 range.

WTI Oil

WTI Oil
WTI Oil 111223 Daily Chart

WTI oil is swinging between gains and losses as traders wait for additional catalysts.

If WTI oil settles above $71.00, it will move towards the nearest resistance level at $73.00 – $74.00.

Brent Oil

Brent Oil
Brent Oil 111223 Daily Chart

Brent oil is mostly flat as traders remain cautious ahead of central banks’ decisions, which will be released this week.

From the technical point of view, the near-term trend stays bearish. Brent oil needs to settle above the resistance at $77.50 – $78.25 to have a chance to gain sustainable upside momentum.

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

About the Author

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.

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