Oil prices remain in a tight range as markets focus on the upcoming OPEC+ meeting, with the group likely to extend production cuts into Q1 2025. Geopolitical tensions continue to add uncertainty, keeping traders cautious. Weakened global demand, coupled with concerns over China’s slowing consumption, weighs on price recovery.
Meanwhile, a potential pause in U.S. rate cuts further pressures energy markets. Analysts anticipate limited price movement with a downward bias, as supply concerns persist and Saudi Arabia considers lowering crude prices for Asia.
These developments highlight the ongoing volatility and mixed signals shaping the natural gas and oil forecast.
Natural Gas (NG) is trading at $3.15, down 0.50% in the last session, as bearish momentum continues to dominate. The price remains below its pivot point of $3.22, reinforcing the downside bias. Immediate resistance is located at $3.28, with further hurdles at $3.36 and $3.46.
On the support side, $3.15 marks a critical threshold, followed by deeper levels at $3.07 and $2.99. The 50-day EMA at $3.25 suggests strong overhead resistance, while the 200-day EMA at $3.12 reinforces near-term support. The RSI signals caution, reflecting subdued buying momentum.
A break above $3.22 could revive bullish sentiment, targeting $3.28 or higher. Conversely, failure to hold $3.15 risks sharper declines toward $3.07, signaling cautious sentiment for traders.
Crude oil (USOIL) is trading at $68.19, up a modest 0.14%, as the market hovers just below the pivot point at $68.27. The price is finding immediate resistance at $68.53, with further barriers at $68.75 and $68.96, while support levels lie at $67.86, followed by $67.53 and $67.23.
The 50-day EMA at $68.65 suggests overhead resistance, while the 200-day EMA at $69.18 reinforces a broader bearish sentiment. The price must break above $68.27 to sustain bullish momentum, targeting $68.53 and beyond.
Conversely, a drop below $67.86 may accelerate selling pressure, signaling a cautious outlook as traders await clearer market cues.
Brent crude (UKOIL) is trading at $71.99, up a slight 0.15%, hovering just above the pivot point at $71.81. Immediate resistance lies at $72.01, followed by $72.17 and $72.32, while support is positioned at $71.48, with further levels at $71.25 and $71.02.
The 50-day EMA at $72.39 highlights overhead resistance, while the 200-day EMA at $72.95 reinforces a cautious tone.
A sustained move above $71.81 could bolster bullish momentum toward $72.32. However, a break below $71.48 might trigger increased selling pressure.
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.