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Natural Gas and Oil Forecast: Oil Supported, Bullish Bounce Ahead?

By:
Arslan Ali
Updated: Jun 17, 2024, 10:08 GMT+00:00

Key Points:

  • Oil prices ended the week with mixed signals, with a 4% gain offset by a Friday dip.
  • Conflicting demand forecasts for 2024 create uncertainty in the oil market.
  • US Federal Reserve's steady interest rates and falling rig count contribute to market uncertainty.
Natural Gas and Oil Forecast: Oil Supported, Bullish Bounce Ahead?

In this article:

Market Overview

Natural Gas (NG) prices fell on Monday, trading at $2.88, down 1.01%. The technical outlook remains bearish below the pivot point of $2.93, with immediate support at $2.86. A break below this level could trigger further declines towards $2.80 and $2.74.

The 50-day EMA currently sits at $2.96, above the 200-day EMA of $2.79, suggesting a potential bearish crossover. However, a break above the $2.93 pivot point could signal a shift in momentum, potentially driving prices towards $3.00 and $3.07.

WTI Oil Price Forecast

WTI Price Chart
WTI Price Chart

WTI Crude Oil (USOIL) prices surged on Monday, trading at $78.44, up 0.76%. The technical outlook remains bullish above the pivot point of $78.26, with immediate resistance at $79.10 and further upside potential towards $79.84 and $80.58.

The 50-day EMA currently sits at $77.90, above the 200-day EMA of $77.37, reinforcing the bullish momentum. However, a break below $78.26 could trigger a sharp reversal, potentially leading to a decline towards $77.69 and further down to $77.20 and $76.41.

Brent Oil Price Forecast

Brent Price Chart
Brent Price Chart

Brent Crude Oil (UKOIL) prices rose on Monday, trading at $82.56, up 0.54%. The technical outlook remains bullish above the pivot point of $82.38, with immediate resistance at $83.70 and further upside potential towards $83.99 and $84.66.

The 50-day EMA currently sits at $81.98, above the 200-day EMA of $81.62, reinforcing the bullish momentum. However, a break below $82.38 could trigger a sharp reversal, potentially leading to a decline towards $81.76 and further down to $81.19 and $80.48.

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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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