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Natural Gas and Oil Forecast: Brent at $90.50, WTI $86.50; Upside Next?

By:
Arslan Ali
Updated: Apr 9, 2024, 10:24 GMT+00:00

Key Points:

  • Middle East tensions elevate Brent to $90.50 and WTI to $86.50, hinting at supply risks.
  • Natural Gas reacts, trading at $1.95, with pivotal shifts expected around the $1.97 mark.
  • Both oil and gas markets face volatility amid geopolitical unrest, influencing global price forecasts.
Energy Recap

In this article:

Market Overview

Oil prices increased due to fading hopes for a ceasefire between Israel and Hamas, raising tensions in the Middle East. Brent crude futures climbed above $90.50, while West Texas Intermediate (WTI) crude reached above $86.50.

The geopolitical strain, especially with potential Israeli military actions in Gaza and Iran’s vow for retaliation, risks disrupting oil supply, impacting the market. This uncertainty supports a bullish trend for oil prices.

The situation also holds implications for the natural gas market, as regional conflicts can affect energy supply routes and demand, influencing both oil and natural gas forecasts.

Natural Gas Price Forecast

Natural gas Price Chart
Natural gas Price Chart

Natural Gas (NG) trades at $1.95, up by 0.26%. The pivot point stands at $1.97, indicating a potential shift in market sentiment at this level. Resistance is observed at $2.01, $2.06, and $2.10, while support levels are at $1.91, $1.84, and $1.78.

The 50-day and 200-day Exponential Moving Averages (EMA), at $1.88 and $1.89 respectively, are closely aligned, suggesting a consolidating market.

The outlook is bearish below $1.97, but crossing above this level could signal a turn towards bullish momentum. Market participants should watch these indicators closely for directional cues.

WTI Oil Price Forecast

WTI Price Chart
WTI Price Chart

About the Author

Arslan, a webinar speaker and derivatives analyst, has an MBA in Finance and MPhil in Behavioral Finance. He guides financial analysis, trading, and cryptocurrency forecasting. Expert in trading psychology and sentiment.

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