Global oil and gas markets remain under the influence of geopolitical tensions and economic developments, with prices experiencing a slight rise last week. The U.S. crude inventory draw was larger-than-expected, supporting higher prices, while China’s economic recovery optimism has boosted sentiment.
However, Europe is facing potential energy supply challenges due to diminishing pipeline gas imports and increasing reliance on liquefied natural gas (LNG). As global oil consumption reaches record highs in 2024, investors closely monitor upcoming data from China and the U.S. to gauge energy demand trajectories for 2025.
The natural gas market shows steady upward momentum, with prices trading at $3.40, up 0.24% over the past two hours. Immediate resistance lies at $3.56, while support is seen at $3.11. A breakout above $3.56 could confirm further gains, but a drop below $3.29 could trigger sharper declines.
The WTI oil price has slightly decreased by 0.03%, trading at $70.69. The pivot point at $70.03 is crucial to watch, with prices hovering above both the 50 EMA ($69.99) and the 200 EMA ($69.62). A break below $70.03 could shift momentum sharply to the downside.
Brent oil price has slipped 0.05%, trading at $73.73. The pivot point at $73.34 serves as a critical marker, with prices above this suggesting bullish sentiment. Immediate resistance is at $73.99, while support lies at $72.73.
Traders and investors are advised to closely monitor these markets for potential shifts due to ongoing economic uncertainty.
Source: https://www.fxempire.com/forecasts/article/natural-gas-and-oil-forecast-expert-insights-on-chinas-stimulus-and-energy-growth-1486813