Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Prices Drop As Maersk Sends Ships Through The Suez Canal

Key Insights

• Natural gas traders switch to February 2024 contract.
• WTI oil retreats as global trade continues through Suez Canal despite Houthi attacks. 
• Brent oil pulled back below the $80.00 level.

Natural Gas

Natural gas stays volatile as traders switch to February 2024 contract. Colder overnight trends in weather forecasts provide some support to prices.

From the technical point of view, natural gas stays range-bound. RSI is in the moderate territory, and there is plenty of room to gain additional momentum.

WTI Oil

WTI oil pulled back as traders took some profits off the table after the recent rally. According to recent reports, Maersk scheduled several dozen ships to move through the Suez Canal, which shows that the world’s leading shipping firm is not afraid of the Houthi attacks.

In case WTI oil declines below the $73.00 level, it will head towards the support at the recent lows at $67.50 – $68.50.

Brent Oil

Brent oil  pulls back as traders focus on Maersk’s decision. However, any attacks on ships in Red Sea may provide additional support to oil prices, so traders will stay focused on the news from the Middle East.

The near-term trend remains bullish. Brent oil needs to settle above the 50 MA at $81.64 to gain additional upside momentum.

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