In these last days of April, it is clear that both commodities are under bearish pressure. On the one hand, crude oil is unable to recover due to easing in the Middle East and rising US inventories; as for natural gas, the commodity remains crushed by apparently insurmountable downward pressure.
Meanwhile, today at the time of writing, WTI crude oil marks exactly 82.91 dollars per barrel, while natural gas stops at 1,651 dollars.
WTI Crude Oil Price Forecast
The price of WTI crude oil will likely continue its lateral movement, but without broad prospects of recovery, if we consider the latest retreats before even reaching the resistance of 85 dollars.
The supports to maintain are found at 82.5 and 81.5 dollars, before the test of the round target of 80 dollars per barrel. In the very short term, from a weekly perspective, I do not consider a large drop below 80 dollars a barrel plausible; in that case, we would be faced with a clear descending channel that would lead us to update the technical outlook.
Looking at the most likely scenario, this would start from a new return above $83, which would be followed by a return above $84 and towards the subsequent projections between $85.38 and $85.65.
If the downward pressure close to the target of 84 dollars remains firm as we have been able to ascertain in recent hours, then the price of crude oil could be forced to retreat further, postponing new bullish attempts within the terms mentioned above.
