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Natural Gas and Oil Forecast: Energy Rises Amid OPEC+ Cuts; Bearish Correction Coming?

By:
Arslan Ali
Updated: May 29, 2024, 10:21 GMT+00:00

Key Points:

  • Oil prices rose in Asia on expectations of sustained OPEC+ production cuts.
  • OPEC+ likely to maintain cuts of 2.2 million barrels/day to stabilize oil prices.
  • U.S. summer driving season boosts crude demand, supporting higher oil prices.
Natural Gas and Oil Forecast: Energy Rises Amid OPEC+ Cuts; Bearish Correction Coming?

In this article:

Market Overview

Natural Gas Price Forecast

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

Natural Gas (NG) is trading at $2.83, down 0.56% on the 4-hour chart. The pivot point at $2.80 is critical for determining market direction. Immediate resistance levels are $2.93, $3.03, and $3.13.

On the downside, immediate support is found at $2.71, followed by $2.62 and $2.48. The 50-day Exponential Moving Average (EMA) is at $2.59, while the 200-day EMA stands at $2.28.

The current setup suggests bullish sentiment above $2.80, but a break below this level could trigger a sharp selling trend.

WTI Oil Price Forecast

WTI Price Chart
WTI Price Chart

USOIL is trading at $80.11, reflecting a slight decline of 0.20% on the 4-hour chart. The pivot point at $79.78 is crucial for determining market direction. Immediate resistance levels are at $80.90, $81.98, and $83.28.

On the downside, immediate support is found at $78.96, followed by $77.77 and $76.23. The 50-day Exponential Moving Average (EMA) is positioned at $78.53, while the 200-day EMA aligns with the pivot point at $79.78.

The current technical setup indicates a bearish sentiment below $78.96, but a break above this level could boost bullish momentum.

Brent Oil Price Forecast

Brent Price Chart
Brent 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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