Key Insights
- Natural gas tests resistance at $2.60 as traders focus on the encouraging weather forecasts.
- WTI oil settled near the $74.00 level in choppy trading.
- Brent oil is swinging between gains and losses as traders stay cautious ahead of Christmas.
Natural Gas
Natural gas continues its attempts to settle above the resistance at $2.60 – $2.65 as traders bet that weather would be colder in early January.
If natural gas moves above $2.65, it will move towards the next resistance at $2.80 – $2.85.
WTI Oil
WTI oil is mostly flat as traders wait for additional catalysts. Tensions in Red Sea provide some support to oil prices, but demand worries serve as a negative catalyst.
From the technical point of view, WTI oil is stuck near the resistance at $73.00 – $74.00.
Brent Oil
Brent oil settled near the $79.00 level as traders were not ready for big moves ahead of Christmas.
Brent oil needs to stay above the support at $77.50 – $78.25 to have a chance to gain sustainable upside momentum in the near term.
For a look at all of today’s economic events, check out our economic calendar.
