Additionally, excessive summer heat can impair refinery operations, as seen with Phillips 66’s Wood River refinery. These conditions could impact natural gas and oil forecasts by driving price volatility and supply disruptions.
Natural Gas Price Forecast
WTI Crude Oil (USOIL) is currently priced at $82.19 on the 2-hour chart. The pivot point is at $82.64. Immediate resistance is at $83.20, followed by $83.68 and $84.23.
On the downside, immediate support is at $82.07, with further support at $81.65 and $80.99. The 50-day EMA is positioned at $82.98, while the 200-day EMA is at $81.54.
A double bottom breakout below $82.64 could lead to significant selling pressure, provided that WTI Crude Oil remains below this level.
Brent Oil Price Forecast
Brent Oil (UKOIL) is currently priced at $85.62 on the 2-hour chart. The pivot point is at $86.08. Immediate resistance is at $86.50, followed by $87.08 and $87.69.
Immediate support is at $85.32, with further support at $84.92 and $84.49. The 50-day EMA stands at $86.40, while the 200-day EMA is at $85.11.
The outlook is bearish below $86.08, suggesting selling pressure as long as Brent remains under this level.
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.