Natural Gas and Oil Forecast: WTI Soars Past $76 – More Upside on the Horizon?

Market Overview

Oil prices edged higher on Friday, marking a weekly gain of over 3%, driven by U.S. jobs data that alleviated demand concerns and ongoing geopolitical tensions in the Middle East. Israeli airstrikes and potential retaliatory actions by Iran have fueled fears of supply disruptions.

Additionally, the force majeure at Libya’s Sharara oilfield and tensions in Yemen have added upward pressure on prices. This rise in oil prices is likely to spill over into natural gas markets, supporting forecasts for higher energy prices as geopolitical risks and strong U.S. economic data bolster the outlook.

Natural Gas Price Forecast

Natural Gas (NG) is trading at $2.14, down 0.27%. The 4-hour chart shows the price holding above the pivot point at $2.12, indicating a potential bullish stance. Immediate resistance stands at $2.21, with subsequent resistance levels at $2.26 and $2.33.

On the downside, support is found at $2.03, followed by $1.96 and $1.88. The 50-day EMA at $2.06 supports the near-term bullish outlook, while the 200-day EMA at $2.22 presents a critical resistance level.

A sustained break below the $2.12 pivot point could trigger a sharp selling trend, shifting market sentiment.

WTI Oil Price Forecast

U.S. crude oil futures (USOIL) are trading at $76.28, up 0.37% on the day. The 4-hour chart shows the price holding above the pivot point at $75.8, indicating potential bullish momentum. Immediate resistance is at $77.0, with further resistance levels at $77.9 and $78.8.

On the downside, support is seen at $74.7, followed by $73.7 and $72.6. The 50-day EMA at $75.4 supports the bullish outlook, while the 200-day EMA at $78.0 presents a significant barrier.

A sustained break below $75.8 could trigger a sharp selling trend, shifting the market sentiment.

Brent Oil Price Forecast

Brent crude (UKOIL) is trading at $79.20, up 0.37%. The 4-hour chart indicates the price is above the pivot point at $78.78, suggesting bullish momentum. Immediate resistance is at $79.69, with further resistance at $80.45 and $81.60.

On the downside, support is seen at $77.62, followed by $76.19 and $74.99. The 50-day EMA at $78.63 aligns with the current bullish trend, while the 200-day EMA at $81.50 could pose a significant hurdle.

A break below the $78.78 pivot point may trigger a sharp selling trend, altering the current market direction.