Market Overview
Oil prices rose on Friday but are headed for a fourth consecutive weekly decline, driven by disappointing global demand growth. Both major benchmarks have dropped about 7.3% over the last four weeks, marking the longest streak of losses this year.
Disappointing economic data from China, the largest oil importer, along with weaker manufacturing activity in Asia, Europe, and the United States, raises concerns about global economic recovery.
Falling crude oil imports in China and India have further pressured prices. Meanwhile, geopolitical tensions in the Middle East increase the risk of supply disruptions, impacting oil and natural gas forecasts.
Natural Gas Price Forecast
Natural Gas (NG) is trading at $1.96, down 0.20%. The 4-hour chart identifies a pivot point at $2.02. Immediate resistance is at $2.09, followed by $2.15 and $2.21. Support is noted at $1.92, with further levels at $1.87 and $1.83.
The 50-day EMA stands at $2.08, indicating short-term bearish pressure, while the 200-day EMA at $2.29 reflects more significant long-term resistance.
The outlook remains bearish below $2.02; however, a break above this level could shift momentum toward a bullish trend, suggesting traders consider adjusting their strategies accordingly.
WTI Oil Price Forecast
As of today, USOIL trades at $76.80, experiencing a slight decline of 0.04%. The 4-hour chart highlights key price levels: a pivot point at $77.55, with immediate resistance at $78.84, followed by $80.11 and $81.28. Immediate support stands at $75.94, with additional support at $74.54 and $73.34.
The 50-day EMA is $77.53, indicating a potential pivot area, while the 200-day EMA at $79.35 suggests longer-term resistance.
The outlook remains bearish below $77.55, but a break above this level may signal a shift toward bullish momentum, with traders watching closely for confirmation.
Brent Oil Price Forecast
Natural Gas Price Forecast
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Brent crude oil (UKOIL) currently trades at $80.03, up 0.06%. The 4-hour chart reveals a pivot point at $79.72. Immediate resistance is positioned at $81.56, with further barriers at $82.76 and $84.18.
Support is found at $78.86, followed by $77.92 and $77. The 50-day EMA stands at $80.88, slightly below the current price, indicating short-term bullish momentum, while the 200-day EMA at $82.91 suggests stronger resistance ahead.
The outlook remains bullish above $79.72, but a decisive break below this level may trigger a sharp selling trend, prompting traders to reassess positions.