Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rallies As Storm Cuts Production In Kazakhstan

Key Insights

• Natural gas traders switch to January 2024 contracts. 
• WTI oil gains ground as production in Kazakhstan is down by 56% due to the storm. 
• Brent oil tests resistance at $81.75.

Natural Gas

Natural gas prices gain ground as traders switch to the January 2024 contract. However, it should be noted that weather forecasts remain uninspiring.

From the technical point of view, natural gas remains below the key resistance at $3.00 – $3.05 and will need significant catalysts to climb above the $3.05 level.

WTI Oil

WTI oil is moving higher as storm disrupts oil output in Kazakhstan. According to recent reports, the country’s oil production is down by 56% due to the storm.

If WTI oil manages to settle above the $77.50 level, it will head towards the next resistance at $82.50 – $83.50.

Brent Oil

Brent oil gains ground as traders react to supply disruptions. Weak dollar also provides support to the oil markets.

A successful test of the $81.75 level will push Brent oil towards the next resistance at $87.00 – $88.00.

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