Market Overview
Oil prices declined on Friday, heading for a second weekly loss, influenced by a strong dollar and varied economic indicators. The U.S. dollar index rose for the second session, driven by stronger-than-expected U.S. labor and manufacturing data, which dampened demand for dollar-denominated oil.
China’s slower-than-expected economic growth of 4.7% in Q2 raised concerns about its oil demand. Additionally, Japan’s core inflation increase suggests a possible interest rate hike. Despite these factors, concerns over Canadian oil supply due to wildfires and a bigger-than-expected decline in U.S. oil stockpiles provided some support.
The mixed economic signals and a stronger dollar are weighing on oil prices, while natural gas remains sensitive to similar economic indicators and supply concerns.
Natural Gas Price Forecast
Natural Gas (NG) is trading at $2.09, reflecting a slight increase of 0.05%. The 2-hour chart shows a pivot point at $2.06. Key resistance levels are $2.13, $2.21, and $2.28. Immediate support levels are $1.98, $1.92, and $1.85.
The 50-day EMA is at $2.18, and the 200-day EMA stands at $2.38, indicating a bearish trend as prices remain below these averages.
The outlook remains bearish below $2.06. However, a break above this level could shift the market towards a bullish bias.
WTI Oil Price Forecast
The 2-hour chart shows USOIL trading at $80.68, reflecting a slight decline of 0.08%. Key price levels to watch include a pivot point at $80.86. Immediate resistance is at $81.56, followed by $82.24 and $82.90.
On the downside, immediate support is at $80.18, with further support at $79.69 and $79.12. The 50-day EMA is at $81.49, while the 200-day EMA is at $81.67, both indicating bearish sentiment as prices remain below these levels.
A break above $80.86 could shift the bias to bullish, whereas staying below suggests continued bearish pressure.
Brent Oil Price Forecast
Natural Gas Price Forecast
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Brent crude oil (UKOIL) is trading at $84.61, reflecting a slight increase of 0.09%. On the 2-hour chart, the pivot point is at $84.85. Immediate resistance levels are $85.78, $86.31, and $86.86. Immediate support levels are $84.19, $83.43, and $82.74.
The 50-day EMA stands at $84.80, and the 200-day EMA is at $84.96, indicating a bearish sentiment as the price remains below these averages.
The outlook is bearish below $84.85, but a break above this level could shift the bias towards a more bullish stance.
