Meanwhile, today at the time of writing, WTI crude oil marks exactly 81.62 dollars per barrel, while natural gas changes hands at 2.828 dollars.
WTI Crude Oil Price Forecast
The price of WTI crude oil is still trading in bullish territory, with possible extensions in sight above the intermediate resistance of $82. Achieving this target could guarantee an initial tactical pause, to consolidate in view of new and larger increases.
The subsequent resistances for WTI crude oil must in fact be identified at 83.5 and 85 dollars per barrel. These are two certainly ambitious values after the last decline in June, but Texan crude at this stage seems to be pushed back upwards by growing summer demand. Overcoming the resistance at 85 dollars a barrel would certify the actual recovery and the return to more markedly bullish territory.
The opposite scenario would instead start from a new retreat towards and beyond the $80 support, to return to the one-week lows. At the moment, I consider this scenario less plausible and instead aim for a stabilization of WTI above $82.
Natural gas price forecasts
The price of natural gas managed to push itself into bullish territory by exceeding the intermediate target and center of gravity of 2.8 dollars. Now, we could witness a new stabilization without particular results. However, if the bullish push continues, it would be possible to identify the next most important resistance at $2.88.
This value represented an incredibly solid support line when natural gas moved to relative highs, always threatened by bearish pressure around $3; on the upside, it instead presented itself as resistance that was often difficult to overcome, but whose overcoming guaranteed the immediate extension of the increases.
