Natural Gas and Oil Forecast: Saudi Hikes Signal Robust Demand; Uptrend Ahead

Today’s technical outlook for Natural Gas (NG) indicates a slight decline, with the commodity trading down by 0.72% at $2.2430. Positioned just above its pivot point at $2.24, NG’s price movement could suggest upcoming volatility.

Should it maintain above this pivot, potential resistance levels at $2.30, $2.34, and $2.40 may emerge, indicating upward pressure. Conversely, a fall below the pivot point could see NG testing support levels at $2.19, $2.15, and ultimately $2.10, which may stabilize declines. The 50-day and 200-day Exponential Moving Averages are at $2.07 and $1.98, respectively, reinforcing the pivotal role of the $2.24 mark in determining NG’s near-term trajectory.

WTI Oil Price Forecast

USOIL‘s daily technical outlook indicates a slight upturn in its price, now trading at $78.37, reflecting a 0.55% increase. The pivotal point for USOIL stands at $79.24, delineating a potential shift in market sentiment.

Should prices surpass this pivot, immediate resistance levels at $79.86, $81.23, and $82.40 will come into play, challenging further advances. Conversely, support levels are set at $77.89, $77.07, and $76.33, which could halt declines and stabilize prices.

Technical indicators show the 50-day EMA at $79.76 and the 200-day EMA at $81.94, suggesting that maintaining above $79.24 could encourage a bullish trend, while falling below may signal increased selling pressure.

Brent Oil Price Forecast