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Natural Gas and Oil Forecast: Middle East Tensions Spike, Iran in Focus

By:
Arslan Ali
Updated: Apr 11, 2024, 10:08 GMT+00:00

Key Points:

  • Oil prices rise amid Middle East tensions, with Iran's involvement heightening supply disruption fears.
  • Natural Gas trades at $1.97, with pivot point at $1.96 hinting at market sensitivity to geopolitical shifts.
  • Brent Oil at $90.45, watching $90.78 pivot; market trends suggest bearish sentiment below this level.
Natural Gas and Oil Forecast: Middle East Tensions Spike, Iran in Focus

In this article:

Market Overview

Oil prices climbed, reflecting market concerns about the escalating Middle East crisis, potentially involving Iran, a major OPEC oil producer. The tensions, fueled by recent events in Gaza, have heightened fears of supply disruptions.

Geopolitical developments are making markets wary, with potential impacts on global oil supply lines. As geopolitical uncertainty lingers, oil prices may continue to be volatile, affecting both the oil and natural gas forecasts.

The situation underscores the fragile balance in energy markets, where regional conflicts can significantly influence global energy prices and supply stability.

Natural Gas Price Forecast

Natural gas Price Chart

Natural Gas (NG)  is trading at $1.97, showing a decline of 0.35%. The pivot point is set at $1.96, with the market watching for reactions at this level. Resistance levels are spotted at $2.01, $2.05, and $2.10, dictating the ceiling for potential upswings.

Support levels are identified at $1.94, $1.90, and $1.85, which could provide bounce-back points during dips. Technical analysis highlights the 50 EMA at $1.92 and the 200 EMA at $1.89, suggesting a bullish trend above $1.96.

However, falling below this pivot might trigger a significant bearish movement in the Natural Gas market.

WTI Oil Price Forecast

WTI Price Chart
WTI 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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