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Natural Gas and Oil Forecast: WTI Hits $78.15 as Demand Surges; Buy Now?

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Market Overview

Oil prices dipped on Friday as markets assessed the impact of prolonged high U.S. interest rates. Despite this, crude benchmarks are on track for their best week in over two months, with Brent and the U.S. benchmark rising more than 3%—the best performance since April 5.

OPEC maintained its forecast for strong global oil demand in 2024, and Goldman Sachs projected robust U.S. fuel demand this summer. This optimism reversed the previous week’s losses caused by OPEC+’s decision to unwind output cuts after September.

The U.S. Federal Reserve’s decision to hold interest rates steady and delay rate cuts until December tempered the price rally. The International Energy Agency (IEA) projected oil demand peaking by 2029 at 106 million barrels per day.

Geopolitical tensions, including ongoing Gaza ceasefire talks, continue to influence market dynamics.

Natural Gas Price Forecast

Natural Gas (NG) Price Chart

Natural Gas (NG) is currently trading at $2.93, up 0.61%. The chart timeframe is 4 hours. Key levels to watch include a pivot point at $2.91.

Immediate resistance levels are $3.02, $3.09, and $3.16. Support levels are at $2.86, $2.80, and $2.72.

The 50-day Exponential Moving Average (EMA) is at $2.91, while the 200-day EMA is at $2.57. The Relative Strength Index (RSI) stands at 55, indicating moderate momentum.

NG is bullish above $2.91, but a break below this level could trigger a sharp selling trend.

WTI Oil Price Forecast

WTI Price Chart

WTI Crude Oil (USOIL) is currently trading at $78.14, up 0.34%. The chart timeframe is set to 4 hours. Key levels to watch include a pivot point at $77.87. Immediate resistance levels are $78.87, $79.84, and $80.58. On the downside, support levels are at $77.20, $76.41, and $75.41.

The 50-day Exponential Moving Average (EMA) stands at $77.19, while the 200-day EMA is at $78.17. The Relative Strength Index (RSI) is at 55, indicating moderate momentum. USOIL is bullish above $77.87, but a break below this level could trigger a sharp selling trend.

Brent Oil Price Forecast

Brent Price Chart

Brent Crude Oil (UKOIL) is currently trading at $82.35, up 0.26%. The chart timeframe is 4 hours. Key levels to monitor include a pivot point at $81.95. Immediate resistance levels are $82.99, $83.70, and $84.66. On the downside, support levels are at $81.19, $80.36, and $79.31.

The 50-day Exponential Moving Average (EMA) is at $81.32, while the 200-day EMA is at $82.47. The Relative Strength Index (RSI) stands at 55, indicating moderate momentum. UKOIL is bullish above $81.95, but a break below this level could trigger a sharp selling trend.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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