Market Overview
During the last week, especially on Friday, Oil prices dipped due to a stronger dollar but still marked their second consecutive weekly gain, thanks to signs of rising demand in the U.S. A stronger dollar, driven by positive economic data, making oil more expensive for foreign buyers, impacting demand.
However, a decline in U.S. crude and gasoline inventories boosted sentiment. The Energy Information Administration reported a 2.5 million barrel drop in crude stockpiles and a significant rise in total product supplied.
Geopolitical tensions, including Ukraine’s drone strikes on Russian oil facilities and Israel’s conflict with Hamas and potential clash with Hezbollah, also supported oil prices.
Natural Gas Price Forecast
Natural Gas (NG) is trading at $2.68, down 0.78%. The key pivot point is $2.67, marked by the green line. Immediate resistance levels are $2.72, $2.76, and $2.81, indicating potential upward movement.
On the downside, immediate support is found at $2.61, with further support at $2.57 and $2.54. The 50-day Exponential Moving Average (EMA) is at $2.83, and the 200-day EMA is at $2.65. These technical indicators suggest a cautious bullish sentiment.
Maintaining above $2.67 is crucial for a bullish outlook; a break below this level could trigger a sharp selling trend.
WTI Oil Price Forecast
USOIL is currently trading at $80.62, up 0.13%. The pivot point, marked by the green line, is at $80.36. Immediate resistance levels are $81.06, $81.60, and $82.05, indicating potential upward momentum.
On the downside, immediate support is found at $79.98, with further support at $79.52 and $79.13. The 50-day Exponential Moving Average (EMA) is at $80.40, while the 200-day EMA is at $78.76.
These indicators suggest a cautious bullish sentiment. Maintaining above $80.36 is crucial for a bullish outlook; a break below this level could trigger a sharp selling trend.
Brent Oil Price Forecast
UKOIL is trading at $84.27, down 0.85%. The pivot point, indicated by the green line, is at $84.65. Immediate resistance levels are $85.18, $85.54, and $86.05, suggesting potential upward momentum.
Immediate support is found at $83.82, with further support at $83.28 and $82.73. The 50-day Exponential Moving Average (EMA) stands at $84.66, while the 200-day EMA is at $83.00.
These technical indicators suggest a cautious bearish sentiment. Trading below $84.65 supports a bearish outlook; breaking above this level could indicate a shift towards bullish bias.
For a look at all of today’s economic events, check out our economic calendar.
