Natural Gas and Oil Forecast: High U.S. Fuel Demand Lifts Prices to $83

The price of USOIL stands at $83.09, showing a modest increase of 0.24%. On the 2-hour chart, key price levels are as follows: the pivot point is $82.74, with immediate resistance at $83.27. Further resistance levels are set at $83.78 and $84.52. On the downside, immediate support is found at $82.21, followed by $81.72 and $80.92.

Technical indicators highlight the 50-day Exponential Moving Average (EMA) at $82.42 and the 200-day EMA at $81.73. These levels suggest a bullish outlook as long as the price remains above the pivot point of $82.74. However, a break below this level could trigger significant selling pressure.

Brent Oil Price Forecast

UKOIL is priced at $85.74, up 0.23%. On the 2-hour chart, key levels to watch include the pivot point at $85.23. Immediate resistance is at $85.87, followed by $86.44 and $87.01. Support levels are seen at $84.61, $84.11, and $83.68.

The 50-day Exponential Moving Average (EMA) is $85.53, while the 200-day EMA is $85.13. These indicators suggest a bullish trend as long as the price stays above the pivot point of $85.23. However, a drop below this level could lead to significant selling pressure.