Market Overview
Oil prices rose slightly in Asian trade on Monday amid rescue attempts for Iran’s President following a helicopter crash. Crude prices held gains from last week due to prospects of U.S. interest rate cuts and improving demand in China.
The U.S. government’s purchase of 3.3 million barrels of oil to refill the Strategic Petroleum Reserve also supported prices. The crash of a helicopter carrying Iranian President Ebrahim Raisi raised concerns about stability in the Middle East, a key oil-producing region, keeping Brent crude above $80.
Upcoming Federal Reserve minutes and the OPEC+ meeting on June 1 add to market caution.
Natural Gas Price Forecast
Natural Gas (NG) is currently trading at $2.671, up 1.49%. The 4-hour chart highlights the pivot point at $2.62, a critical level for near-term price action. Immediate resistance is identified at $2.72, followed by $2.81 and $2.89. On the downside, immediate support lies at $2.57, with further support at $2.49 and $2.39.
The 50-day Exponential Moving Average (EMA) is positioned at $2.37, and the 200-day EMA stands at $2.08, indicating a bullish trend. The alignment of the 50 EMA above the 200 EMA supports continued upward momentum. Holding above the $2.62 pivot point reinforces the bullish outlook, while a break below this level could trigger a sharp selling trend.
WTI Oil Price Forecast
USOIL is currently trading at $79.59, down 0.15%. The 4-hour chart highlights the pivot point at $79.84, a critical level for near-term price action. Immediate resistance is at $80.67, followed by $81.52 and $82.29. On the downside, immediate support is found at $78.69, with further support levels at $77.70 and $76.65.
The 50-day Exponential Moving Average (EMA) is positioned at $79.06, while the 200-day EMA stands at $80.56. A triple top pattern is extending resistance at the $79.84 pivot point, indicating a significant hurdle for upward movement.
Brent Oil Price Forecast
UKOIL is currently trading at $84.08, up 0.18%. The 4-hour chart highlights the pivot point at $83.51, a crucial level for near-term price action. Immediate resistance is identified at $84.51, followed by $85.82 and $86.82. On the downside, immediate support lies at $82.13, with further support at $81.04 and $80.05.
The 50-day Exponential Moving Average (EMA) is positioned at $83.49, closely aligning with the pivot point, while the 200-day EMA stands at $85.08. The alignment of the 50 EMA near the pivot point suggests a strong support level, reinforcing the bullish outlook as long as prices remain above $83.50.
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