Meanwhile, today at the time of writing, WTI crude oil marks 78.14 dollars a barrel and natural gas changes hands at 2.957 dollars.
WTI Crude Oil Price Forecast
For this weekly close, crude oil will have to attempt to stay above the $78 support, which is currently still being tested.
A retreat could in fact send the price directly back to the pivot point of $77.87, increasing volatility. In the event of further declines, crude oil would have enough room to slide towards 77.2 and 76.5 dollars in just a few hours.
However, if the price of crude oil manages to sustain above the target of $78, then the commodity may be able to extend its gains towards the 50-day EMA at $78.75. The return to this price target would be fundamental to allow crude oil to rekindle the bullish momentum that had failed around $80.
Natural gas price forecasts
The price of natural gas, however, is giving ground below $3 and could now attempt to limit the declines with a stabilization before the intermediate support of $2.92. In the event of further declines, in fact, the retracements could continue even to last week’s lows of $2.8, before the latest rally.
A decline of this magnitude would not be enough to trigger a reversal of the bearish trend, but it would undoubtedly condemn natural gas to a move away from its key bullish targets.
