Natural Gas and Oil Forecast: $76 Oil Rebounds Amid Middle East Unrest

Market Overview

Oil futures rebounded over $1 a barrel from seven-week lows after the assassination of Hamas leader Ismail Haniyeh in Iran heightened Middle East tensions. Despite this rebound, concerns over weak Chinese demand continue to pressure prices.

The assassination and subsequent conflicts in the Middle East, along with reduced speculative positions in crude oil, are creating conditions for price volatility. This geopolitical uncertainty is impacting natural gas and oil forecasts, highlighting the market’s sensitivity to regional instability.

Natural Gas Price Forecast

Natural Gas (NG) is trading at $2.129, showing a modest increase of 0.14%. The pivot point is set at $2.10, indicating a bullish trend if prices remain above this level. Key resistance levels are $2.16, $2.21, and $2.26.

On the support side, immediate support is at $2.04, followed by $1.99 and $1.94. The 50-day Exponential Moving Average (EMA) is $2.12, and the 200-day EMA is $2.32.

The overall outlook is bullish above $2.10, but a break below this level could trigger significant selling pressure.

WTI Oil Price Forecast

WTI crude oil (USOIL) is currently trading at $75.97, reflecting a 0.94% increase. The pivot point is $75.94, suggesting potential bearish movement if prices drop below this level. Key resistance levels are identified at $77.59, $78.73, and $80.11.

On the support side, immediate support is at $74.63, followed by $73.58 and $72.48. The 50-day Exponential Moving Average (EMA) stands at $77.51, while the 200-day EMA is at $79.57.

Overall, the market sentiment remains bearish below $75.94, but a break above this level could shift the trend to a more bullish outlook.

Brent Oil Price Forecast

Brent crude oil (UKOIL) is trading at $75.97, up 0.94%. The pivot point is $75.94, suggesting a bullish trend if prices stay above this level. Key resistance levels are $77.59, $78.73, and $80.11, while support levels are $74.63, $73.58, and $72.48.

The 50-day Exponential Moving Average (EMA) is $77.51, and the 200-day EMA is $79.57. The overall outlook remains bullish above $75.94, but a break below this pivot point could trigger a sharp selling trend.