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Natural Gas and Oil Forecast: Oil Fell Over 3% This Week; More Downside Ahead?
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Key Points:
- Brent and WTI futures hit multi-month lows, down over 3% and 4%, respectively.
- The Fed's hawkish rate stance raises concerns about economic growth and fuel demand.
- Strengthening U.S. gasoline demand provides support amidst OPEC+ supply policy discussions.
In this article:
Natural Gas Price Forecast
Natural Gas (NG) is currently priced at $2.67, up 0.69%. Key price levels to monitor include the pivot point at $2.83, with immediate resistance at $2.92 and further resistance at $3.02.
Immediate support is observed at $2.61, followed by $2.53 and $2.45. The 50-day EMA is at $2.69, while the 200-day EMA is at $2.41, suggesting mixed signals. The technical outlook is bearish below $2.74, but a break above this level could introduce a bullish bias.
WTI Oil Price Forecast
USOIL is currently priced at $76.60. Key price levels to watch include the pivot point at $77.40, with immediate resistance at $78.39 and further resistance at $79.24. On the downside, immediate support is found at $76.01, followed by $75.43 and $74.80.
The 50-day EMA is at $78.28, and the 200-day EMA is at $80.00. These levels indicate significant resistance points. The technical outlook remains bullish as long as the price stays above $76.60. A break below this level could lead to a sharp selling trend.
Brent Oil Price Forecast
About the Author
Arslan Aliauthor
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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