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Natural Gas and Oil Forecast: Prices Fall Less Than 1%, Downtrend Expected?

By:
Arslan Ali
Updated: May 21, 2024, 09:42 GMT+00:00

Key Points:

  • Oil prices fell due to expectations of sustained U.S. inflation and higher interest rates.
  • Political uncertainties in Iran and Saudi Arabia had minimal market impact ahead of OPEC+ meeting.
  • Both benchmarks declined less than 1% as Fed officials await clearer signs of slowing inflation.
Natural Gas and Oil Forecast: Prices Fall Less Than 1%, Downtrend Expected?

In this article:

Market Overview

Natural Gas Price Forecast

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

Natural Gas (NG) prices fell to $2.736, down 0.10%, in early trading. Key technical levels include a pivot point at $2.75. Immediate resistance is at $2.81, followed by $2.89 and $2.97.

On the downside, immediate support is at $2.63, with further support at $2.55 and $2.45. Technical indicators show the 50-day EMA at $2.45 and the 200-day EMA at $2.12.

The outlook remains bearish below $2.75, but a break above this level could signal a shift to a more bullish trend.

WTI Oil Price Forecast

WTI Price Chart
WTI Price Chart

WTI Crude oil (USOIL) prices fell to $78.76, down 0.48%, in early trading. Key technical levels to watch include the pivot point at $79.84. Immediate resistance is seen at $80.67, followed by $81.52 and $82.29.

On the downside, immediate support is at $78.53, with further support at $77.70 and $76.65. Technical indicators show the 50-day EMA at $79.07 and the 200-day EMA at $80.48.

The outlook remains bearish below $79.84, but a break above this level could signal a shift to a more bullish trend.

Brent Oil Price Forecast

Brent Price Chart
Brent Price Chart

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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