Natural Gas and Oil Forecast: Hurricane Threats and Technical Patterns to Watch

Market Overview

Oil prices rose on Tuesday, supported by China’s fresh monetary stimulus and concerns over potential supply disruptions due to escalating geopolitical tensions in the Middle East. China’s central bank implemented broad monetary support to counter the economic slowdown, boosting market sentiment.

Additionally, a looming hurricane threatening the U.S. Gulf Coast, the world’s largest oil producer, prompted precautionary shutdowns of oil production platforms.

Although demand worries weighed on prices earlier due to weak eurozone data and concerns about Chinese fuel consumption, these new developments have offset some downside risks, with potential impacts on both natural gas and oil forecasts.

Natural Gas Price Forecast

Natural Gas (NG) is trading at $2.64, up 0.38%, as it tests key levels near the pivot point at $2.66. Immediate resistance sits at $2.70, with further targets at $2.76 and $2.82 if bullish momentum persists.

On the downside, support is found at $2.59 and $2.55, with stronger support at $2.49. The 50 EMA at $2.51 suggests the price maintains short-term strength, while the 200 EMA at $2.37 provides long-term support.

The price action is within an upward channel, indicating potential for further gains. However, a break below $2.66 could shift momentum to the downside, leading to sharp selling pressure.

WTI Oil Price Forecast

WTI Crude Oil (USOIL) is trading at $71.11, up 0.67% daily, sitting right at immediate resistance. The next targets for bulls are $72.40 and $73.01. The pivot point rests at $70.80, with strong support at $70.36. If prices break below that, we could see a test of the $69.64 level.

The 50 EMA at $70.81 aligns with the pivot point, suggesting a bullish trend if it holds. Three white soldier candlestick patterns signal upward momentum, but a break below $70.80 could drive a sharp selling trend.

Brent Oil Price Forecast

Brent Crude Oil (UKOIL) is trading at $74.54, up 0.38%, currently hovering just above the pivot point at $74.34. Immediate resistance is at $75.19, with further upside targets at $75.85 and $76.46.

Support levels are at $73.66 and $73.07, with the 200 EMA at $73.65 providing a strong floor. The price has crossed above the 50 EMA at $74.33, signaling potential for further upward movement.

A break above $75.19 could trigger additional bullish momentum, while a drop below $74.34 may lead to a sharp selloff.