Crude oil Market Profile

Amid global concerns, crude prices for crude are expected to rise 2 percent this week, boosted by hopeful indicators from Beijing. Alongside a weaker currency. the Chinese solid import information shows steady demand at home, which supports consistent  crude oil usage of oil predictions.

In the USA, a decline in oil stocks combined with a spike in demand for travel implies robust oil use. Yet gas and diesel consumption has been low during the pandemic of 2020. The potential of the US Fed reducing rates of interest owing to a weakening job market boosted the price of oil more.

Crude oil Highlights

The Chinese strong importation report boosts expectations for continued demand for  crude oil, resulting in a two percent weekly rise.
The crude stockpiles in the United States fall, indicating robust consumption of oil in the face of rising tourism needs.
The continuing Gaza war raises the risk value for oil, posing world supply problems.

WTI Technical Analysis

The present-day analytical prognosis for US WTI predicts a small rise, and it trading at $79.559, up 0.30 percent. The pivotal point, which determines the market’s overall path, has been fixed at $78.93 mark. Beyond this, hurdles have been identified on $80.71, $81.52, then $82.31 mark. Each of which pose possible obstacles to higher advance.

To the negative side, current support lies at $77.90 mark, and additional supports near $77.18 & $76.17 mark. That might serve as pricing buffers. The 50 D-EMA around $79.09 level, showing short-term aid, whereas the 200 D- EMA, on $80.76, may oppose rising movements. A substantial decline under the pivot point may exacerbate reselling, implying a negative period for WTI.

Brent Oil Technical Analysis

Brent oil prices rose by 0.27 percent to $84.36 mark. Its pivoting point is now on $84.09. Levels of resistance have been found at $84.80, $85.58, then $86.55. Signifying possible obstacles for higher price increases.

Supporting areas are seen near $83.39, $82.78, then $82.03, that might serve as backstop places should prices tumble. The 50 D-EMA near $83.75 provides short-term assistance, while the 20 D-EMA of $85.49 might function as barrier.

A decline beneath the turning point at $84.08 might initiate a bearish pattern. Emphasizing the need for caution in the present trading scenario.

Natural Gas (NG) Technical Analysis

The NG is now selling around $2.33 / million cubic feet, representing a 0.91 percent rise. The gas is trading at the pivot value of $2.32, with immediate obstacles around $2.35, $2.39, & $2.432 mark. These impediments might stymie additional expansion upward.

Supporting is set on $2.27, with additional security provided at $2.24 & $2.21 mark. The market’s technical signals indicate the 50 D-EMA on $2.20, offering fundamental assistance. And the 200 D- EMA near $2.02, representing trends over the longer term.

If values go beneath the pivot point of $2.31level a significant falling wave might emerge. Highlighting a key crossroads for NG over the immediate future.

WTI 5- Hourly Indicators & Signals

Natural Gas (NG)