Natural Gas and Oil Analysis: Market Weighs Geopolitical Tensions Against Demand Forecasts

Key Insights

• Oil prices dip with Brent at $75.71 and WTI at $71.13 amid supply and demand concerns.
• Houthi attack on tanker raises Middle East safety concerns, yet oil prices remain subdued.
• Market watches U.S. CPI data and Fed meeting for potential impacts on oil and gas.
• Global oil demand growth expected to slow, casting a shadow over future market trends.
• Upcoming U.S. inventory reports could further influence the direction of oil and natural gas prices.

Quick Fundamental Outlook

Natural Gas Price Forecast

Natural Gas (NG), a key commodity in the energy sector, is currently priced at $2.40, reflecting the market’s cautious sentiment. With its pivot point at $2.25, Natural Gas faces immediate resistance at $2.52, and should buying pressure increase, further resistance levels at $2.69 and $2.94 loom ahead.

Conversely, support levels are established at $2.06 and extend to $1.65. The asset’s Relative Strength Index (RSI) sits at 21, indicating an oversold condition, while the MACD barely crosses above its signal line, suggesting a possible shift in momentum.

A hammer candlestick pattern just above the $2.25 level signals a weakening in the selling trend, potentially setting the stage for a bullish reversal above this mark. As such, Natural Gas could be gearing up to test higher resistances, especially if it sustains above the $2.25 threshold.

WTI Oil Price Forecast

Brent Oil Price Forecast

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