WTI Crude Oil Price Forecast
The price of WTI crude oil could continue to move below the level of $80 per barrel, within a bearish microtrend which would see the most relevant support for the very short term at $76.5.
Prices will be strictly linked to the geopolitical context in the Middle East and a continuation of the easing climate between Israel and Hamas could accelerate the downtrend also towards the subsequent targets of 75 and 73.8 dollars a barrel.
However, OPEC+ will provide support to the price of WTI crude oil, which seems intent on extending production cuts. I therefore do not expect drops beyond $72, which would bring the price of Texas crude oil back to its 2024 lows.
The recovery prospects would instead start from a return above the psychological resistance of 80 dollars, behind which, however, excessive selling pressure could gather. To avoid sudden retracements, the price of oil will have to attempt a consolidation immediately above this resistance (and more precisely between 80.5 and 82 dollars).
Natural gas price forecasts
The price of natural gas, unlike WTI crude oil, is experiencing a decisive bullish phase, well above the resistance of 2 dollars. The last weekly closing showed an increase of +5.2%, which added to the rest of the week marks an abundant +11% in just five trading sessions.
Now, the projections are for a continuation of the increases towards the intermediate resistances between $2.2 and $2.35, while the next main objective is located at $2.50.
