Natural Gas and Oil Forecast: High U.S. Fuel Demand Lifts Prices to $83

Market Overview

Oil prices increased in early Asian trading on Friday, driven by strong summer demand and easing inflation in the United States. Brent and WTI contracts saw gains over the past two sessions.

However, Brent was set for a 1% weekly decline after four consecutive weeks of growth, while WTI remained steady. The U.S. dollar weakened for a third session as expectations for a September interest rate cut grew.

High U.S. gasoline and jet fuel demand led refiners to increase activity, drawing from crude stockpiles and supporting prices. Easing consumer prices in June further bolstered investor confidence and commodities market sentiment.

Natural Gas Price Forecast

The price of Natural Gas (NG) stands at $2.271, down 0.13%. On the 2-hour chart, the pivot point is $2.30. Immediate resistance levels are $2.35, $2.39, and $2.44. Support levels are positioned at $2.26, $2.22, and $2.19.

Technical indicators show the 50-day Exponential Moving Average (EMA) at $2.34 and the 200-day EMA at $2.51. The outlook remains bearish below the pivot point of $2.30. A break above this level could shift the trend towards a more bullish bias.

WTI Oil Price Forecast

The price of USOIL stands at $83.09, showing a modest increase of 0.24%. On the 2-hour chart, key price levels are as follows: the pivot point is $82.74, with immediate resistance at $83.27. Further resistance levels are set at $83.78 and $84.52. On the downside, immediate support is found at $82.21, followed by $81.72 and $80.92.

Technical indicators highlight the 50-day Exponential Moving Average (EMA) at $82.42 and the 200-day EMA at $81.73. These levels suggest a bullish outlook as long as the price remains above the pivot point of $82.74. However, a break below this level could trigger significant selling pressure.

Brent Oil Price Forecast

UKOIL is priced at $85.74, up 0.23%. On the 2-hour chart, key levels to watch include the pivot point at $85.23. Immediate resistance is at $85.87, followed by $86.44 and $87.01. Support levels are seen at $84.61, $84.11, and $83.68.

The 50-day Exponential Moving Average (EMA) is $85.53, while the 200-day EMA is $85.13. These indicators suggest a bullish trend as long as the price stays above the pivot point of $85.23. However, a drop below this level could lead to significant selling pressure.