Market Overview
Oil prices rose on Monday due to forecasts of a supply deficit from peak summer fuel consumption and OPEC+ production cuts in the third quarter, despite global economic challenges and increased non-OPEC+ output.
Both Brent and WTI gained around 6% in June, with Brent staying above $85 per barrel after OPEC+ extended deep cuts into 2025. Analysts predict a supply shortfall as summer demand depletes fuel stockpiles. The EIA reported a four-month high in oil production and demand in April, boosting prices.
Additionally, U.S. Federal Reserve rate cut expectations and rising geopolitical tensions in Europe and the Middle East support oil prices. The Atlantic hurricane season may further impact oil and gas production.
Natural Gas Price Forecast
Natural Gas (NG) is currently trading at $2.56, reflecting a 1.27% decline. The key pivot point is $2.60. Immediate resistance is at $2.66, followed by $2.76 and $2.83. On the downside, immediate support is at $2.52, with further support at $2.48 and $2.43.
Technical indicators show the 50-day Exponential Moving Average (EMA) at $2.71 and the 200-day EMA at $2.77. The outlook is bearish below $2.60. A break above this level could shift the market to a more bullish bias.
USOIL is currently trading at $81.85, reflecting a slight increase of 0.49%. The 4-hour chart highlights crucial price levels. The pivot point is set at $81.85. Immediate resistance is identified at $82.32, followed by $82.61 and $82.90.
On the downside, immediate support is at $81.48, with subsequent support levels at $81.20 and $80.98.
Technical indicators reveal the 50-day Exponential Moving Average (50 EMA) at $81.43 and the 200-day EMA at $79.95, both crucial for assessing market trends.
In conclusion, the outlook remains bullish above $81.85. A break below this level could trigger a sharp selling trend.
Natural Gas Price Forecast
Every new Natural Gas analysis as it publishes, today's technical signal and key levels, live price — on one page.
See all Natural Gas forecastsBrent Oil Price Forecast
UKOIL is trading at $85.32, reflecting a 0.53% increase. Key levels include the pivot point at $85.29. Immediate resistance is at $86.15, followed by $86.79 and $87.40. On the support side, immediate support is noted at $84.63, with further support at $83.90 and $83.34.
Technical indicators show the 50-day Exponential Moving Average (EMA) at $84.98 and the 200-day EMA at $83.82. The outlook is bullish above $85.29, with the potential for sharp declines if prices fall below this level.
