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Natural Gas and Oil Forecast: U.S. Demand Falls vs. Geopolitical Risks, Upside Ahead?

By:
Arslan Ali
Updated: Apr 25, 2024, 09:29 GMT+00:00

Key Points:

  • U.S. fuel demand drops significantly, highlighting economic slowdown and impacting oil prices.
  • Middle East tensions may disrupt oil supply, influencing global oil and gas markets.
  • Federal Reserve's upcoming decisions crucial for future natural gas and oil price directions.
Energy Recap

In this article:

Market Overview

Natural Gas Price Forecast

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

Natural Gas (NG) is trading up today at $1.9870, a gain of 0.56%. Currently, it hovers slightly above its pivot point of $1.98, hinting at a potential bullish trend. Resistance levels to watch are at $2.04, $2.13, and $2.22. Conversely, should the price fall, support might be found at $1.91, followed by stronger levels at $1.84 and $1.75.

The technical analysis is supported by the 50-Day Exponential Moving Average (EMA) at $1.99 and the 200-Day EMA at $1.93, both suggesting that prices could maintain current levels. The market is bullish as long as it remains above $1.98; however, dipping below this threshold could lead to a significant sell-off.

WTI Oil Price Forecast

WTI Price Chart
WTI Price Chart

Today, USOIL is trading at $82.91, showing a modest increase of 0.17%. The commodity is currently positioned above its pivot point at $80.97, suggesting bullish momentum. Looking ahead, key resistance levels are set at $83.77, $85.63, and $87.74. Should the price decline, it will find support at $79.52, followed by $77.26 and $75.77.

The technical indicators reinforce this outlook: the 50-day Exponential Moving Average (EMA) stands at $81.56, while the 200-day EMA is at $79.28, both supporting the current uptrend. The market remains bullish above the $81 mark, but falling below this threshold could prompt a significant sell-off.

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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