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Natural Gas and Oil Forecast: Iran Instability Pushes Energy Up Over 0.15%

By:
Arslan Ali
Updated: May 20, 2024, 10:01 GMT+00:00

Key Points:

  • Oil prices rose slightly in Asian trade amid rescue attempts for Iran’s President.
  • U.S. purchase of 3.3M barrels for the Strategic Petroleum Reserve supported oil prices.
  • Brent crude remains above $80 due to Middle East instability concerns and market caution.
Natural Gas and Oil Forecast: Iran Instability Pushes Energy Up Over 0.15%

In this article:

Market Overview

Natural Gas Price Forecast

Natural gas - Price chart

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

WTI Price Chart

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

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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