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Natural Gas and Oil Forecast: WTI and Brent Down 0.20%; Time for Bullish Correction?
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Key Points:
- Oil prices fell for the fourth consecutive session, influenced by Fed minutes.
- U.S. crude inventories rose by 1.8 million barrels, countering expectations of a draw.
- Citi analysts highlight weak demand, increased inventories, and refinery margin concerns.
In this article:
Natural Gas Price Forecast
Natural Gas (NG) is trading at $2.99, up 0.79%. The 4-hour chart indicates a pivot point at $2.77, with immediate resistance levels at $2.85, $2.92, and $2.99. Key support levels are positioned at $2.73, $2.68, and $2.61.
The 50 EMA stands at $2.67, while the 200 EMA is at $2.38, highlighting a bullish trend as the price remains above these averages.
The market outlook for Natural Gas is bullish as long as the price stays above the pivot point of $2.77. A break below this level could trigger a sharp selling trend.
WTI Oil Price Forecast
WTI Crude Oil (USOIL) is trading at $77.04, down 0.20%. The 4-hour chart indicates a pivot point at $76.69. Immediate resistance levels are $77.40, $78.39, and $79.24. Key support levels are $76.01, $75.43, and $74.80.
The 50 EMA is at $78.22, and the 200 EMA is at $79.30, reflecting a bearish trend as prices remain below these averages.
The market remains bullish above the pivot point of $76.69, but a break below this level could drive a sharp selling trend.
Brent Oil Price Forecast
About the Author
Arslan Aliauthor
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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