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Natural Gas and Oil Forecast: Oil Prices Rise Over 0.25%; More Upside Ahead?
By:
Key Points:
- U.S. oil inventories fell by 2.4 million barrels, driving up oil prices amid strong summer fuel demand.
- Anticipation of U.S. inflation data and the Federal Reserve meeting limited gains in oil prices.
- OPEC maintained strong oil demand forecast for 2024; markets await the IEA’s upcoming report.
In this article:
Natural Gas (NG) is trading at $3.10, down 1.44%. The pivot point at $3.08 is crucial. Immediate resistance is at $3.17, with further resistance at $3.26 and $3.35. On the downside, immediate support is at $2.99, followed by $2.88 and $2.80.
Technical indicators suggest a mixed outlook. The 50-day Exponential Moving Average (EMA) is at $2.86, and the 200-day EMA is at $2.52, indicating a bullish trend as prices remain above these levels.
The outlook remains bullish above $3.08. However, a break below this level could trigger a sharp selling trend.
WTI Oil Price Forecast
USOIL is currently trading at $78.30, reflecting a modest increase of 0.25%. The pivot point, marked at $77.75, serves as a critical level to watch. Immediate resistance is identified at $78.60, with subsequent resistance levels at $79.41 and $80.55.
On the downside, immediate support is seen at $77.20, followed by additional support levels at $76.41 and $75.41. The 50-day Exponential Moving Average (EMA) is positioned at $76.48, with the price currently trading above this level, indicating a bullish trend.
The 200-day EMA is at $78.15, further supporting long-term bullish momentum. Given the current setup, USOIL remains bullish above the pivot point of $77.75.
Brent Oil Price Forecast
UKOIL is trading at $82.23, up 0.15%. The pivot point at $81.95 is critical for gauging market direction. Immediate resistance levels are at $82.83, $83.70, and $84.66. On the downside, immediate support is found at $81.17, followed by $80.32 and $79.31.
Technical indicators reinforce the current bullish trend. The 50-day Exponential Moving Average (EMA) stands at $80.61, with the price above it, indicating positive momentum. The 200-day EMA is at $82.47, suggesting long-term strength.
Given the current setup, UKOIL remains bullish above $81.95. However, a break below this pivot point could initiate a sharp selling trend.
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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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