Red balloon shaped object seen moving right to left across the western sky just after midnight.A red circle seen moving from right to left across the western sky. The object was moving at a moderate speed and faded out of view all of a sudden.Using binoculars, the shape of the object seemed to look more like a balloon. There was an orangish glow in the lower part of the object, making it look like a flying lantern. The sighting lasted for less than a minute, until the object faded out of view.The object did not have any sort of resemblance to an aircraft. There were no flashing lights. It did have some resemblance to a hot air balloon, however, it seemed to be moving faster than a hot air balloon. It also seemed a bit too small for a hot air balloon. Also, the way it faded out of view was mysterious.