Advertisement
Advertisement

Natural Gas and Oil Forecast: Middle East Tensions Spike Prices, What’s Next?

By:
Arslan Ali
Updated: Apr 19, 2024, 10:10 GMT+00:00

Key Points:

  • Israeli missile strike on Iran boosts oil prices by $3, raising supply disruption fears.
  • Natural gas prices see a mild increase to $1.9550, up by 0.67% amid market fluctuations.
  • WTI and Brent crude react to geopolitical tensions, with prices showing significant increases.
Energy

In this article:

Market Overview

Natural Gas Price Forecast

Natural Gas (NG) Price Chart
Natural Gas (NG) Price Chart

Today’s Natural Gas (NG) market shows a mild uptick, with prices rising to $1.9550, marking a 0.67% increase. This commodity is trading above its pivot point at $1.91, suggesting a potential for bullish momentum if sustained. Resistance levels are eyed at $1.99, $2.04, and $2.08, which could cap further advances. On the flip side, support is found at $1.85, with further supports at $1.78 and $1.72 that may provide a floor if declines intensify.

The technical indicators, including a 50-Day Exponential Moving Average (EMA) at $1.92 and a 200-Day EMA at $1.90, underscore the current trading zone just above key support levels. The outlook remains bullish above $1.91, but a drop below this critical juncture could trigger a sharp downward correction in the natural gas market.

WTI Oil Price Forecast

WTI Price Chart
WTI Price Chart

USOIL sees an uptick today, priced at $83.60, marking a 2.05% increase. The commodity is trading below its key pivot point at $84.70, which is critical for determining the day’s momentum. Resistance levels are set at $86.11, $87.63, and $89.21. A break above these could signal further bullish sentiment. Conversely, support levels are firm at $82.76, $81.00, and $79.41, with declines below these potentially intensifying bearish trends.

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.

Did you find this article useful?

Advertisement