Market Overview
WTI crude oil futures hovered near $71 per barrel on Monday, sustaining a two-week high as geopolitical tensions heightened concerns about potential supply disruptions.
Last week, oil prices posted their strongest gains in nearly two months, driven by fears of instability in major oil-producing regions. Simultaneously, rising demand from China and India provided further support.
China’s crude imports surged in November due to lower prices, while Indian refiners increased throughput by 3% year-on-year to meet growing export needs.
This combination of supply concerns and robust demand is expected to sustain upward pressure on oil prices in the near term.
Natural Gas Price Forecast
Natural Gas (NG) prices are trading at $3.51, up a strong 7.17% in today’s session. This surge comes after prices completed a 50% Fibonacci retracement near $3.12, followed by a sharp rebound. The pivot point at $3.36 has acted as a key support level, helping buyers regain momentum.
Currently, the price is testing immediate resistance at $3.57, with further targets at $3.68 and $3.79 if bullish momentum continues. The 50 EMA at $3.20 and the 200 EMA at $2.94 provide additional support, reinforcing a bullish structure.
However, a decisive break below $3.36 could trigger selling pressure, pushing prices toward $3.23 or even $3.12. The trend remains bullish, but traders should watch key resistance closely.
Natural Gas Price Forecast
Every new Natural Gas analysis as it publishes, today's technical signal and key levels, live price — on one page.
See all Natural Gas forecastsWTI Oil Price Forecast
U.S. crude oil (USOIL) is trading at $70.93, slightly down 0.26% as it hovers near the lower end of an upward channel. Immediate support sits at $69.48, with the 50-day EMA at $69.87 offering dynamic assistance, reinforcing the bullish structure.
A bounce off these levels could push prices toward immediate resistance at $71.62, with targets at $72.55 and $73.35 if momentum strengthens.
The pivot point at $72.58 is key; a breakout above this could signal further upside. However, a decisive drop below $69.48 may expose prices to $68.62 or even $67.84.
Traders should watch the $70.60 level closely, as it currently underpins the buying trend within the channel.
Brent Oil Price Forecast
Brent crude oil (UKOIL) is trading at $74.87, down 0.24%, as it consolidates near the pivot point at $74.57. The price is holding above key support at $73.75, with the 50-day EMA at $73.89 and the 200-day EMA at $73.47 providing additional support, reinforcing a cautiously bullish outlook.
Immediate resistance is at $75.27, followed by targets at $75.80 and $76.48 if momentum builds. However, if prices slip below $74.57, selling pressure could intensify, driving a potential retest of $73.11 or even $72.34.
Traders should keep an eye on $74.57 as the critical level for directional cues. A sustained break above could pave the way for further gains.
