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