Market Overview
Oil prices dipped on Thursday as concerns over weak demand in China and the potential for a ceasefire in the Middle East outweighed gains from U.S. inventory draws. U.S. crude inventories fell by 3.7 million barrels, gasoline stocks dropped by 5.6 million barrels, and distillate stockpiles decreased by 2.8 million barrels, according to EIA data.
Despite this, investor worries about China’s sluggish economic growth and advancing ceasefire talks between Israel and Hamas pressured prices. If these trends continue, oil prices could drop to early June levels. Lower oil prices may also affect natural gas demand due to interconnected energy markets.
Natural Gas Price Forecast
Natural Gas (NG) is currently trading at $2.124, down 0.28%. On the 4-hour chart, the pivot point is at $2.12. Immediate resistance levels are $2.18, $2.26, and $2.34. Immediate support levels are $2.06, $2.00, and $1.95. The 50-day EMA stands at $2.18, while the 200-day EMA is at $2.39.
The outlook is bullish above the pivot point of $2.12. However, a break below this level could trigger a sharp selling trend, indicating further downside potential.
WTI Oil Price Forecast
WTI crude oil (USOIL) is currently trading at $76.92, down 0.66%. On the 4-hour chart, the pivot point is at $77.75. Immediate resistance levels are $78.68, $79.87, and $81.31. Immediate support levels are $76.37, $75.20, and $74.25.
The 50-day EMA stands at $79.38, while the 200-day EMA is at $80.39. The current trend is bearish, below the pivot point of $77.75.
A break above this level could shift the bias towards a bullish trend. Conversely, maintaining below this level indicates continued downward momentum.
Brent Oil Price Forecast
Natural Gas Price Forecast
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Brent crude oil (UKOIL) is currently trading at $81.01, down 0.50%. On the 4-hour chart, the pivot point is set at $81.65. Immediate resistance levels are at $82.56, $83.18, and $83.82. Immediate support levels are $80.49, $79.89, and $79.32.
The 50-day EMA stands at $83.11, while the 200-day EMA is at $84.07. The trend remains bearish below the pivot point of $81.65.
A break above this level could shift the bias towards a bullish trend, while staying below indicates continued downward pressure.
