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Natural Gas and Oil Forecast: Energy Rises Amid OPEC+ Cuts; Bearish Correction Coming?
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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 Price Forecast
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
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
About the Author
Arslan Aliauthor
Arslan is a finance MBA and also holds an MPhil degree in behavioral finance. An expert in financial analysis and investor psychology, Arslan uses his academic background to bring valuable insights about market sentiment and whether instruments are likely to be overbought or oversold.
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