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Natural Gas and Oil Forecast: Prices Plunge; Downtrend to Continue or Recovery?

By:
Arslan Ali
Updated: May 30, 2024, 10:30 GMT+00:00

Key Points:

  • Oil prices remained stable on Thursday as markets awaited U.S. crude stockpile data.
  • API reported a crude inventory drop of 6.49 million barrels, gasoline down by 452,000 barrels.
  • Broader risk-off sentiment exerted downward pressure despite a significant inventory drawdown.
Brent Price Chart

In this article:

Market Overview

Natural Gas Price Forecast

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

Natural Gas (NG) is trading at $2.65, down 0.08%. The pivot point at $2.72 is crucial for determining market direction. Immediate resistance levels are $2.85, $2.93, and $3.03. On the downside, immediate support is at $2.61, followed by $2.48 and $2.39.

Technical indicators show the 50-day Exponential Moving Average (EMA) at $2.61 and the 200-day EMA at $2.30. These indicators suggest potential support and resistance levels that traders should monitor.

The outlook remains bearish below $2.72. A break above this level could boost bullish momentum, while a sustained drop below may lead to further declines.

WTI Oil Price Forecast

WTI Price Chart
WTI Price Chart

USOIL is currently trading at $79.06, experiencing a slight decline of 0.14%. The pivot point at $79.41 is a critical level for market direction. Immediate resistance levels are at $80.60, $81.53, and $82.74. On the downside, support levels are $78.46, $77.33, and $76.23.

Technical indicators show the 50-day Exponential Moving Average (EMA) at $78.73 and the 200-day EMA at $79.76. The Relative Strength Index (RSI) will be monitored closely for momentum insights.

The outlook is bearish below $79.41. A break above this level could shift the bias towards 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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