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Natural Gas and Oil Forecast: Crude Stockpiles Rise, WTI Falls to $78.25; What’s Next?

By:
Arslan Ali
Updated: Jun 13, 2024, 09:30 GMT+00:00

Key Points:

  • Oil prices fell Thursday as the Fed delayed potential rate cuts to December.
  • U.S. crude stockpiles rose more than expected, driven by higher imports.
  • The International Energy Agency warned of future excess supply, pressuring prices.
Natural Gas and Oil Forecast: Crude Stockpiles Rise, WTI Falls to $78.25; What’s Next?

In this article:

Market Overview

Natural Gas (NG) Price Chart
Natural Gas (NG) Price Chart

Natural Gas (NG) is currently trading at $3.025, up 0.16%. The key pivot point to watch is $3.00. Immediate resistance levels are at $3.17, $3.26, and $3.35, indicating potential upward targets. On the downside, immediate support levels are at $2.88, $2.80, and $2.72.

The 50-day Exponential Moving Average (EMA) is at $2.90, suggesting a bullish trend as the current price is above this level. The 200-day EMA is at $2.55, further supporting the bullish outlook.

In conclusion, NG shows a bullish outlook above the $3.00 pivot point. A break below this level could lead to a sharp selling trend.

WTI Oil Price Forecast

WTI Price Chart
WTI Price Chart

USOIL is currently priced at $78.23, reflecting a slight decrease of 0.07%. The key pivot point to watch is $77.99, which is crucial for determining the next market direction.

Immediate resistance levels are identified at $78.73, $79.26, and $80.26, indicating potential upward targets. On the downside, immediate support levels are set at $77.20, $76.41, and $75.41, which could act as safety nets if the price declines.

Technical indicators show mixed signals. The 50-day Exponential Moving Average (EMA) is positioned at $76.93, suggesting a bullish trend as the current price is above this average. However, the 200-day EMA stands at $78.17, indicating a potential consolidation phase.

In conclusion, USOIL presents a bullish outlook above the $77.99 pivot point. Conversely, a break below $77.99 could lead to a sharp selling trend.

Brent Oil Price Forecast

Brent Price Chart
Brent Price Chart

UKOIL is currently priced at $82.30, down 0.12%. The pivot point to watch is $81.95. Immediate resistance levels are at $82.83, $83.70, and $84.66, indicating potential upward targets. On the downside, immediate support levels are set at $81.17, $80.32, and $79.31.

The 50-day Exponential Moving Average (EMA) is at $81.04, suggesting a bullish trend as the price remains above this level. However, the 200-day EMA is at $82.48, indicating potential resistance.

In conclusion, UKOIL shows a bullish outlook above the $81.95 pivot point. A break below this level could lead to a sharp selling trend.

For a look at all of today’s economic events, check out our economic calendar.

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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