Market Overview
Oil prices dropped on Thursday because of a surprise increase in U.S. stockpiles. This raised concerns about reduced demand. U.S. crude oil stockpiles went up by 3.6 million barrels, which was contrary to expectations. Despite this, tensions in the Middle East prevented further price declines.
The unexpected increase in U.S. inventory and a drop in gasoline demand added pressure, while potential disruptions in Middle East supply due to tensions in Gaza provided some support. These factors contribute to uncertainty in both oil and natural gas markets.
Natural Gas Price Forecast
Natural Gas (NG) is trading at $2.75, up 0.44%. On the 4-hour chart, the pivot point is set at $2.72, a crucial level for market direction. Immediate resistance levels are $2.81, $2.86, and $2.94, suggesting potential upward targets if the price breaks above the pivot point.
On the downside, immediate support is at $2.65, followed by $2.59 and $2.52. The 50-day Exponential Moving Average (EMA) is at $2.80, and the 200-day EMA is at $2.67, providing key support levels near the current price.
Overall, NG remains bullish above the pivot point of $2.72. A break below this level could drive a sharp selling trend, shifting the market bias.
WTI Oil Price Forecast
The price of USOIL is currently $80.63, reflecting a slight decline of 0.24%. The 4-hour chart indicates that the pivot point is set at $80.19, which serves as a crucial level for determining market direction. Immediate resistance levels are positioned at $81.55, $82.35, and $83.05.
On the downside, immediate support is found at $79.52, followed by $78.76 and $77.97. The 50-day Exponential Moving Average (EMA) is at $80.40, while the 200-day EMA stands at $79.16, indicating key support levels close to the current price.
Brent Oil Price Forecast
UKOIL is currently $84.23, reflecting a slight increase of 0.20%. The 4-hour chart shows a pivot point at $83.85, a critical level for determining market direction. Immediate resistance levels are at $84.90, $85.36, and $86.20, marking potential upward targets if the price breaks above the pivot point.
On the downside, immediate support is found at $83.28, followed by $82.63 and $82.01. The 50-day Exponential Moving Average (EMA) is at $84.23, and the 200-day EMA is at $83.35, indicating significant support levels near the current price.
Overall, UKOIL remains bullish above the pivot point of $83.85. However, a break below this level could trigger a sharp selling trend, shifting the market bias.
