Natural Gas and Oil Forecast: Rising Tensions Push Prices Up Over 4%

By:

Arslan Ali

Updated: Apr 5, 2024, 10:00 GMT+00:00

Key Points:

Geopolitical tensions and supply concerns drive oil prices to new highs, signaling market tightness.
Natural Gas faces bearish pressure, with pivotal technical levels suggesting potential trend shifts.
Brent and WTI Oil forecasts remain bullish, contingent on overcoming key resistance markers.

Natural Gas Price Forecast

Brent Price Chart

Natural Gas (NG) experienced a decline, trading at $1.843, a decrease of 0.91%. The technical outlook reveals a pivot point at $1.8495, with resistance levels at $1.8806, $1.9189, and $1.9468, suggesting potential upward pressure.

Support is found at $1.8194, with further support at $1.7647 and $1.7193, indicating critical junctures for price stabilization. The 50-day and 200-day Exponential Moving Averages, at $1.8601 and $1.8828 respectively, signal a near-term bearish trend.

However, crossing above the pivot point of $1.8495 could indicate a shift towards a bullish trend, marking a pivotal moment for NG’s market direction.

WTI Oil Price Forecast

WTI Price Chart

USOIL‘s current price is $86.62, marking a slight decrease of 0.11%. The commodity finds its pivot at $85.76, with immediate resistance levels at $86.83, $87.81, and $88.87, indicating potential upward pressure.

Conversely, support is established at $84.65, $83.47, and $82.23, providing downside buffers. The 50-day Exponential Moving Average (EMA) stands at $83.88, while the 200-day EMA is at $80.60, suggesting underlying bullish sentiment in the longer term.

The overall technical outlook for USOIL is bullish above the pivot point of $85.76, yet a descent below this mark could trigger a significant bearish adjustment.

Brent Oil Price Forecast

Brent Price Chart

UKOIL price slightly declined to $90.88, a decrease of 0.16%. The pivot point stands at $89.96, setting the stage for potential movements: resistance levels are at $91.26, $92.00, and $92.65, indicating upward momentum possibilities.

Support levels are positioned at $88.99, $88.08, and $87.31, suggesting areas of buying interest. The 50-day and 200-day Exponential Moving Averages, at $88.82 and $86.38 respectively, underline a bullish trend in the longer-term view.

UKOIL is considered bullish above $89.96, but falling below this threshold could lead to significant bearish action, highlighting the market’s sensitivity to these technical levels.

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About the Author

Arslan Aliauthor

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.