Precisely, today at the time of writing, WTI crude oil marks 77.22 dollars per barrel, while natural gas changes hands at 2.814 dollars.
WTI Crude Oil Price Forecast
The price of WTI crude oil is knocking at the gates of the $77 support, with the intention of sliding further to the intermediate target of $76.5. Yesterday was the fourth consecutive bearish session for the price of WTI crude oil, influenced by the FOMC minutes and rising US crude oil inventories.
Regardless of the extent of the ongoing decline, the price of WTI crude oil remains broadly below the 50-day and 200-day EMAs (identified at $80.19 and $79.32 respectively).
A recovery of these values could facilitate the recovery, but for the moment the view remains strongly bearish. In this sense, subsequent supports should be identified at $76.5, $75.8 and $75. On this last target we could expect an initial stabilization, or alternatively an attempted rebound caused by waves of purchases at the lows.
Natural gas price forecasts
The price of natural gas rises above $2.8 and returns to look at new relative highs between $2.85 and the intermediate bullish target of $2.99. Above this value lies the main resistance (at $3), which was last abandoned in mid-January.
The uptrend that has been underway for a month already seems to want to reach this target, and then most likely start a consolidation aimed at reducing retracements. To approach $3, however, an attempt to accumulate above the $2.95 and $2.98 levels would be necessary, which could last for a couple of trading sessions.
