Natural Gas and Oil Forecast: US Stock Decline Spurs Price Surge; Buy Today?

Arslan Ali
Updated: Apr 24, 2024, 09:49 GMT+00:00

Key Points:

  • Unexpected U.S. crude stock drop boosts oil prices; Middle East tensions add uncertainty.
  • Natural gas prices dip, setting a technical pivot point at $2.07, hinting at future movements.
  • WTI and Brent Oil show modest gains, with pivot points indicating potential upward momentum.

In this article:

Market Overview

Natural Gas Price Forecast

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

Natural Gas (NG)‘s market price has slightly decreased by 0.75%, settling at $2.11. Over a four-hour chart timeframe, the pivot point stands at $2.07, indicating a decisive level for traders. Resistance levels are noted at $2.17, $2.23, and $2.31, suggesting areas where selling pressure might intensify. Conversely, support can be found at $1.99, with additional levels at $1.91 and $1.84 potentially halting further declines.

The 50-Day and 200-Day Exponential Moving Averages (EMA) are situated at $1.98 and $1.92, respectively, providing a backdrop for the current pricing trend. The technical prognosis for Natural Gas hints at a bullish sentiment above the $2.07 mark. Nonetheless, falling below could trigger a pronounced downtrend.

WTI Oil Price Forecast

WTI Price Chart
WTI Price Chart

In today’s market, USOIL edged up modestly by 0.20%, with a current price of $83.50. On a four-hour chart, the pivot point is marked at $83.41, serving as a barometer for future price direction.

Should prices ascend, the asset faces resistance at $84.70, followed by $86.22 and $87.74, which could impede further gains. On the downside, support is observed at $80.81, with additional support levels at $78.86 and $77.26, potentially providing a rebound point.

Technical indicators reveal that the 50-Day and 200-Day Exponential Moving Averages (EMA) are at $83.30 and $82.52, respectively, endorsing the current uptrend. The technical outlook for US Oil remains bullish as long as prices stay above the pivot point of $83.41. Crossing below this threshold may initiate a strong selling pressure.

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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