Meanwhile, today at the time of writing, WTI crude oil marks 78.17 dollars a barrel and natural gas changes hands at 3.046 dollars.
WTI Crude Oil Price Forecast
If the price of WTI crude oil fails to maintain its position at the $78 support, we could already observe a modest retreat towards the next target of $77.5 during the day. The bears could then continue to impose themselves on the market even up to the intermediate supports prior to the target of $76.5.
The current pressure against support is exacerbated by recent observations from the IEA (International Energy Agency) on the expected oversupply in the near future.
Despite this, I believe it is plausible to contain the declines right on the lower edge of the side band at 76.5 dollars, or at most on the intermediate support of 75 dollars.
Also regarding the bullish scenario, I prefer to make more cautious forecasts and limit the recovery to the 100 and 200 day EMA, perfectly coinciding with the value of $79. From here, the price of WTI crude oil could extend higher again, but I would rule out a move above the main resistance of $80 in the very short term.
Natural gas price forecasts
Unlike crude oil, the price of natural gas is still in distinctly bullish territory and is facing growing bearish pressure on the $3 target.
