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Natural Gas and Oil Forecast: USOIL Up 0.08%, NG Down 0.04% Amid China Hopes

By:
Arslan Ali
Updated: May 14, 2024, 09:31 GMT+00:00

Key Points:

  • Oil prices rise amid Chinese economic optimism and Alberta wildfire threats.
  • Flat Chinese oil imports reflect slow post-COVID recovery despite economic growth.
  • Upcoming OPEC+ meeting and US inflation data crucial for global supply dynamics.
Brent Price Chart

In this article:

Market Overview

Natural Gas Price Forecast

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

Natural Gas (NG) is trading at $2.36, down 0.04%. The 4-hour chart identifies the pivot point at $2.39. Immediate resistance is at $2.43, with subsequent resistance levels at $2.47 and $2.51. On the downside, immediate support is found at $2.31, followed by $2.27 and $2.23.

The 50-day EMA is currently at $2.19, while the 200-day EMA stands at $1.98. The outlook remains bearish below $2.39, but a break above this level could signal a shift to bullish momentum.

WTI Oil Price Forecast

WTI Price Chart
WTI Price Chart

USOIL is trading at $83.45, up 0.08%. On the 4-hour chart, the pivot point is at $84.46. Immediate resistance levels are $85.57, $86.55, and $87.73. Immediate support levels are $82.08, $80.99, and $79.65.

.The 50-day EMA is at $83.87, while the 200-day EMA is at $85.60. The outlook remains bearish below $84.46; a break above this level could signal a shift to a bullish trend.

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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