Natural Gas and Oil Forecast: WTI Drops to $83, Ceasefire Eases Tensions

Arslan Ali
Updated: Apr 30, 2024, 11:43 GMT+00:00

Key Points:

  • Oil prices dip slightly as Israel-Hamas ceasefire talks lower regional tensions.
  • Natural Gas climbs to $2.002, testing key resistance levels amid bullish trends.
  • Persistent inflation and a strong U.S. dollar likely to dampen oil demand.

In this article:

Market Overview

Natural Gas Price Forecast

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

Natural Gas (NG) has seen a notable uptick, currently priced at $2.002, a 2.61% increase. Positioned just above its pivot point of $1.99, NG is poised to either extend its gains or face resistance. The immediate resistance levels are at $2.06, $2.13, and $2.21, which NG must surpass to continue its upward trajectory. Conversely, support levels lie at $1.92, $1.84, and $1.75, which could provide fallback positions should prices retreat.

The 50-Day Exponential Moving Average (EMA) stands right at the pivot point of $1.99, aligning with the 200-Day EMA at $1.94, suggesting a fragile equilibrium in prices. Stability or a rise above $1.99 could signal a stronger bullish trend for NG.

WTI Oil Price Forecast

WTI Price Chart
WTI Price Chart

In today’s market, USOIL has declined by 0.61%, trading at $83.15. The oil is teetering just below its pivot point at $83.20, indicating a possible inflection in market direction. Resistance levels are staged at $84.85, $86.14, and $87.59, which could cap upward movements. Conversely, support levels are identified at $81.93, $80.75, and $79.35, where dips might find a floor.

Technical indicators show the 50-Day Exponential Moving Average (EMA) at $83.28 and the 200-Day EMA at $82.64, suggesting a slight bullish bias in a longer-term view. However, remaining below $83.20 could sustain a bearish outlook, whereas surpassing this level might shift momentum to the upside.

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.

Did you find this article useful?