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Natural Gas and Oil Forecast: Energy Slips 0.25%, Inventory Build Raises Concerns
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Key Points:
- Oil prices dropped due to an unexpected U.S. inventory build and high interest rates.
- The American Petroleum Institute reported a 2.5 million barrel increase in U.S. oil inventories.
- The bearish outlook for oil and natural gas suggests potential downward pressure on prices.
In this article:
Natural Gas Price Forecast
Natural Gas (NG) prices are down 1.29%, currently at $2.76. On the 4-hour chart, the pivot point stands at $2.64. Immediate resistance levels are at $2.70, $2.80, and $2.89. Support levels are seen at $2.55, $2.48, and $2.39.
The 50-day EMA is at $2.50, while the 200-day EMA is at $2.15. The market remains bearish below $2.64, with potential bullish momentum if prices break above this level.
WTI Oil Price Forecast
Crude oil (USOIL) is trading at $77.96, down 0.25%. On the 4-hour chart, the pivot point is $78.33. Key resistance levels are $79.03, $80.08, and $80.88, while support levels are at $77.63, $76.69, and $75.76.
The 50-day EMA is at $78.90, and the 200-day EMA is at $80.35. The market outlook remains bearish below $78.33, with potential for bullish momentum if prices break above this level. Current indicators suggest downward pressure, but a decisive move above $78.33 could signal a shift in trend.
Brent Oil Price Forecast
About the Author
Arslan Aliauthor
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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