Meanwhile, today at the time of writing, WTI crude oil stands at 83.16 dollars a barrel, while natural gas changes hands at 1.949 dollars.
WTI Crude Oil Price Forecast
The price of WTI crude oil will restart from the moderately bullish setting of the last weekly close to retest the resistance of 85 dollars per barrel, already touched with the increases of April 26th.
However, this technical value appears to me to be particularly solid and the geopolitical context, with the easing of the conflict in the Middle East, does not seem capable of facilitating new bullish rallies. For this reason, we could more likely expect an attempt at consolidation above 84 dollars and more generally between 83.5 and 84.8 dollars per barrel.
The main bullish target of $90 remains off the radar for the moment, but a rise in WTI crude oil above $87.5 per barrel could certainly facilitate the bullish channel.
Looking at the opposite scenario, I believe that the supports at 80 and 82 dollars a barrel are sufficiently tough to limit the retracement attempts that could be initiated this week. Much will clearly depend on the development of the conflict in the Middle East and on updates on oil supplies in the USA.
Natural gas price forecasts
Natural gas, unlike WTI crude oil, has undergone a large increase of approximately +20% with the new futures contract expiring in June. The round and psychological resistance of $2 was touched, but without an effective bullish break-out.
