Market Overview
Oil prices increased in Asian trading on Wednesday, driven by expectations that major producers will maintain output cuts during their upcoming meeting and the seasonal rise in fuel consumption with the start of summer.
Analysts predict that OPEC+ will keep voluntary production cuts of around 2.2 million barrels per day, aiming to stabilize prices and balance the global oil market.
This move, coupled with increased summer driving season demand in the U.S., supports higher crude 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
UKOIL is trading at $84.15, reflecting a slight decline of 0.19% on the 4-hour chart. The pivot point at $84.44 is crucial for determining market direction. Immediate resistance levels are at $85.32, $86.02, and $86.81.
On the downside, immediate support is found at $83.08, followed by $82.00 and $80.65. The 50-day Exponential Moving Average (EMA) is positioned at $82.83, while the 200-day EMA stands at $84.24.
The current technical setup indicates a bearish sentiment below $84.44. However, a break above this level could enhance bullish momentum, shifting the market outlook.
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