Natural Gas and Oil Forecast: Oil Rockets Past $74 Amid Iran Tensions

Market Overview

Oil prices rose over 1% on Tuesday, recovering from Monday’s losses due to supply concerns driven by the escalating Middle East conflict, robust U.S. services data, and production cuts at Libya’s Sharara oilfield.

The potential for Iran to retaliate against recent attacks in the region has heightened fears of a broader war, impacting oil forecasts by threatening global supply stability. Additionally, U.S. services sector growth signals increased demand, supporting oil prices alongside a rally in Asian equities.

Production issues in Libya have further bolstered prices, offsetting some bearish market sentiment and influencing both oil and natural gas forecasts.

Natural Gas Price Forecast

Natural Gas (NG) is trading at $1.971, up 0.65%, as buyers cautiously enter the market. The 4-hour chart shows the pivot point at $1.98, with a downward channel extending resistance around this level, indicating potential selling pressure. Immediate resistance stands at $2.02, followed by $2.09 and $2.15.

Support is found at $1.92, with additional levels at $1.88 and $1.82. The 50-day EMA is $1.99, and the 200-day EMA is $2.12, both highlighting the overall bearish trend.

Prices need to break above $1.98 to shift momentum and trigger a bullish bias, challenging the prevailing downtrend.

WTI Oil Price Forecast

As of today, USOIL‘s daily technical outlook reflects a slightly bearish sentiment. The price is currently at $74.11, down 0.08%. The 4-hour chart analysis highlights key price levels to watch.

The pivot point is at $74.48, and the immediate resistance is seen at $76.22, followed by $77.64 and $78.80. On the downside, immediate support is at $72.72, with additional support levels at $71.61 and $70.18.

The 50 EMA is at $74.99, while the 200 EMA stands at $77.54. The trend remains bearish below $74.48, but a break above could trigger a bullish shift.

Brent Oil Price Forecast

Brent crude oil (UKOIL) is trading at $77.26, down 0.18%, as bearish sentiment prevails. On the 4-hour chart, the pivot point is set at $77.71, suggesting that prices may face pressure if they remain below this level. Immediate resistance is located at $79.10, with further hurdles at $80.45 and $81.81.

On the downside, immediate support is found at $74.99, with additional levels at $73.61 and $72.33. The 50-day EMA is $78.25, indicating short-term bearish momentum, while the 200-day EMA at $81.02 underscores longer-term weakness. A sustained move above $77.71 could shift the outlook to a more bullish stance.