Precisely, today at the time of writing, WTI crude oil is trading at $79.88 per barrel, while natural gas changes hands at $2.332.
WTI Crude Oil Price Forecast
The price of WTI crude oil is trading close to the $80 per barrel resistance, which could be broken in the event of a strong breakout destined for a short-term recovery.
In this scenario, the increases would likely continue beyond the 50-day EMA ($80.9), 30-day EMA ($81.2), and up to the intermediate resistance of $82 per barrel. A sufficient push to counteract the natural downward pressure on these values could guarantee even larger increases than this, but I believe I can set the forecasts for this first half of May 2024 at 83.5 dollars.
The geopolitical context characterized by greater détente, combined with still weak Chinese demand, do not appear to favor large bullish rallies. Furthermore, OPEC+’s decision to maintain production cuts may not, on its own, provide particularly solid upward momentum.
The scenario envisaged thus far, already moderately bullish, would be ruined by failure to reach the resistance at 80 dollars and by a new retreat. Supports are found at 78.8 and 78 dollars a barrel.
Natural gas price forecasts
The price of natural gas is still trading at relative highs, with the formation of new supports between 2.24 and 2.195.
