Market Overview
WTI crude traded above $62 per barrel, staying close to a four-month high after nearly a 3% jump caused by new supply disruptions and rising geopolitical tensions. A severe winter storm cut US crude output by up to 2 million barrels per day, about 15% of national production.
Gulf Coast exports also faced temporary stops due to power grid problems. With bad weather continuing, restart delays are likely.
Market sentiment got a boost from a 0.25 million-barrel drop in US crude inventories, which went against expectations for an increase. A weaker US dollar, now near a four-year low, also helped by lifting demand for oil and natural gas.
Natural Gas Price Forecast: $3.70 Holds as Bulls Consolidate Inside Rising Channel
Natural gas futures are holding near $3.70 after a strong rally, staying above key support on the 4-hour chart. Prices are still moving within a rising channel that has set higher lows since mid-January, which keeps the outlook positive. The 50-EMA is above the 200-EMA and still rising, indicating that bullish momentum remains even after the recent dip.
The nearest support is around $3.40 to $3.30, with stronger buying interest near $2.65, which was the previous breakout area. If prices move above $3.85 to $4.00 and hold, they could head toward $4.33. The RSI has dropped to the mid-50s, suggesting a period of consolidation rather than a trend reversal.
WTI Crude Oil Price Forecast: $62.65 Holds as Bulls Target $63.80 Next
WTI crude oil is holding around $62.65 on the 4-hour chart after climbing up from the $60.10 support area. The price stays above the rising trendline that has been in place since early January, which keeps the outlook positive. The 50-EMA is moving up above the 200-EMA near $58.95, supporting the bullish view.
Recent candles have smaller real bodies near resistance, which suggests the market is consolidating in the short term instead of being rejected. The first resistance is at $62.99, with the next at $63.77. If the price closes above this range, it could move toward $64.55. On the downside, support is at $61.83 and then $60.88.
Natural Gas Price Forecast
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See all Natural Gas forecastsBrent Oil Price Forecast: $66.70 Holds Steady Below Resistance as Uptrend Continues
Brent crude is trading close to $66.70 on the 4-hour chart after pausing just below the $66.90 to $67.00 resistance area. The price is still showing strength, staying above a rising trendline that has supported higher lows since early January.
The 50-EMA is moving up above the 200-EMA near $63.30, which supports a positive outlook for the medium term. Recent price movements show some hesitation near resistance, suggesting the market is consolidating instead of pulling back.
The first support is at $65.50, with another at $64.20 where the trendline and previous breakout meet. If the price moves above $67.00, the next targets would be $67.80 and $68.80.
