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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Soars As Supply Risks Move Back Into Spotlight

By:
Vladimir Zernov
Published: Nov 20, 2023, 18:18 GMT+00:00

Houthi militants seized a cargo ship in Red Sea, raising worries about the safety of oil supply routes.

Natural Gas, WTI Oil, Brent Oil Forecasts

In this article:

Key Insights

  • Natural gas pulls back as forecasts point to mild weather. 
  • WTI oil gains ground as Houthi militants seize a cargo ship in Red Sea. 
  • Brent oil is moving higher as traders bet that OPEC+ would cut production to boost prices. 

Natural Gas

Natural Gas
Natural Gas 201123 Daily Chart

Natural gas tested new lows as warm weather trends continued to put pressure on prices.

From the technical point of view, natural gas is ready to test the nearest support level, which is located in the $2.80 – $2.85 range.

WTI Oil

WTI Oil
WTI Oil 201123 Daily Chart

WTI oil continues to rebound from recent lows as traders bet that OPEC+ will provide additional support to the market. The incident with cargo ship, which was seized in Red Sea by Houthi militants, served as a significant positive catalyst for oil markets.

In case WTI oil settles above the resistance at $76.50 – $77.50, it will head towards the next resistance, which is located in the $82.50 – $83.50 range.

Brent Oil

Brent Oil
Brent Oil 201123 Daily Chart

Brent oil climbed above the $82.00 level as bulls focused on the rising probability of additional production cuts from OPEC+ countries.

In case Brent oil stays above the resistance at $80.50 – $81.75, it will head towards the next resistance at $87.00 – $88.00.

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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