Natural Gas and Oil Forecast: Tensions Spike Prices; Will Oil Stay Bullish?

Arslan Ali
Updated: Apr 26, 2024, 09:59 GMT+00:00

Key Points:

  • Oil prices rise modestly in Asia, eye weekly gains amid Middle East tensions.
  • U.S. inflation data pivotal for oil and natural gas price forecasts this week.
  • Natural gas prices find support at pivot point; bullish trend indicated above $1.99.
Energy Recap

In this article:

Market Overview

Natural Gas Price Forecast

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

As of April 26, the Natural Gas (NG) market is experiencing a modest uptick, with the price rising to $2.01, marking a 0.65% increase. This movement is supported by a solid foundation at the pivot point of $1.99, which also coincides with the 50-Day Exponential Moving Average (EMA). Immediate resistance is found at $2.06, with subsequent levels at $2.13 and $2.22 suggesting potential upward momentum if these thresholds are surpassed.

Conversely, support levels are positioned significantly lower, with immediate support at $1.92, followed by $1.84 and then $1.75. The 200-Day EMA at $1.93 aligns closely with the first support level, reinforcing its importance. The technical indicators, with the EMA values and current price trends, suggest a bullish outlook for NG as long as it remains above $1.99.

WTI Oil Price Forecast

WTI Price Chart
WTI Price Chart

As of April 26, US crude oil (USOIL) is showing subtle positive movement, with the price at $83.85, a 0.13% increase. Positioned just above the pivot point of $83.20, which closely aligns with the 50-Day Exponential Moving Average (EMA) of $83.21, the current pricing indicates a potential foothold for further advances.

Immediate resistance levels are observed at $84.85, with more substantial barriers at $86.14 and $87.59 that could test the bullish momentum.

Support levels are set lower with initial support at $81.93, followed by $80.75 and $79.35. The 200-Day EMA at $82.58 bolsters the first support level, underscoring its significance. The technical setup suggests a bullish outlook as long as prices stay above $83.20.

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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