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Natural Gas and Oil Forecast: WTI Hits $78.15 as Demand Surges; Buy Now?

By:
Arslan Ali
Updated: Jun 14, 2024, 09:18 GMT+00:00

Key Points:

  • Crude benchmarks rise over 3%, marking the best performance since April 5.
  • OPEC and Goldman Sachs forecast strong oil demand, reversing previous week's losses.
  • Fed's steady interest rates delay rate cuts to December, tempering the price rally.
Natural Gas and Oil Forecast: WTI Hits $78.15 as Demand Surges; Buy Now?

In this article:

Market Overview

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

Natural Gas (NG) is currently trading at $2.93, up 0.61%. The chart timeframe is 4 hours. Key levels to watch include a pivot point at $2.91.

Immediate resistance levels are $3.02, $3.09, and $3.16. Support levels are at $2.86, $2.80, and $2.72.

The 50-day Exponential Moving Average (EMA) is at $2.91, while the 200-day EMA is at $2.57. The Relative Strength Index (RSI) stands at 55, indicating moderate momentum.

NG is bullish above $2.91, but a break below this level could trigger a sharp selling trend.

WTI Oil Price Forecast

WTI Price Chart
WTI Price Chart

WTI Crude Oil (USOIL) is currently trading at $78.14, up 0.34%. The chart timeframe is set to 4 hours. Key levels to watch include a pivot point at $77.87. Immediate resistance levels are $78.87, $79.84, and $80.58. On the downside, support levels are at $77.20, $76.41, and $75.41.

The 50-day Exponential Moving Average (EMA) stands at $77.19, while the 200-day EMA is at $78.17. The Relative Strength Index (RSI) is at 55, indicating moderate momentum. USOIL is bullish above $77.87, but a break below this level could trigger a sharp selling trend.

Brent Oil Price Forecast

Brent Price Chart
Brent Price Chart

Brent Crude Oil (UKOIL) is currently trading at $82.35, up 0.26%. The chart timeframe is 4 hours. Key levels to monitor include a pivot point at $81.95. Immediate resistance levels are $82.99, $83.70, and $84.66. On the downside, support levels are at $81.19, $80.36, and $79.31.

The 50-day Exponential Moving Average (EMA) is at $81.32, while the 200-day EMA is at $82.47. The Relative Strength Index (RSI) stands at 55, indicating moderate momentum. UKOIL is bullish above $81.95, but a break below this level could trigger a sharp selling trend.

For a look at all of today’s economic events, check out our economic calendar.

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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