Market Overview
Oil prices saw a significant increase during the last week, ending the first quarter with robust gains due to anticipated reductions in Russian output, which mitigated concerns over a potential global supply surplus.
The price surge in USOIL and UKOIL was driven by continued production curbs by OPEC+ members, including Russia and Saudi Arabia, and heightened geopolitical tensions in the Middle East affecting supply stability.
This scenario is likely to influence the upcoming OPEC+ meeting, with expectations leaning towards maintaining the current output policy, potentially impacting future oil and natural gas market forecasts.
Natural Gas Price Forecast
Natural Gas (NG) exhibits a slight downturn, trading at $1.797, down 0.39%. The pivotal point at $1.79920 will determine its near-term direction. Resistance levels at $1.84390, $1.87590, and $1.91150 mark potential upward barriers, while support at $1.76480, $1.72080, and $1.67930 will test its stability.
The 50 EMA at $1.7991 and 200 EMA at $1.8785 suggest a cautious market sentiment. Currently, the trend for Natural Gas is bearish below $1.79920, but crossing this threshold could tilt the bias towards a bullish outlook.
WTI Oil Price Forecast
USOIL continues to exhibit strength, trading at $83.46, marking a 0.45% increase. The pivot point stands at $82.90, shaping the short-term market outlook. Key resistance levels are identified at $83.76, $84.53, and $85.26, which if surpassed, could signal further bullish momentum.
Support levels are established at $82.31, $81.48, and $80.40, offering potential bounce points during pullbacks. The 50-day and 200-day EMAs at $81.52 and $79.37, respectively, underpin the upward trend.
With the market leaning bullish above $82.90, USOIL’s price trajectory seems poised for growth, barring a dip below the pivot that could precipitate a bearish shift.
Brent Oil Price Forecast
UKOIL‘s market stance remains robust, with a current trading price of $87.27, reflecting a 0.38% increase. The pivotal point at $86.55 delineates the market sentiment, with resistance levels at $87.29, $88.14, and $89.00 dictating potential upward momentum.
On the flip side, support is established at $85.61, $84.69, and $83.94, crucial for mitigating declines. The 50-day EMA at $85.72 and the 200-day EMA at $83.80 solidify the upward trend.
Predominantly, UKOIL exhibits a bullish trend above $86.55, yet a fall below this pivot could signal a bearish reversal.
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