Source: FX Empire
Security & Justice
Four Italian Soldiers Hurt in UNIFIL Base Attack, Hezbollah Suspected
Four Italian soldiers were lightly injured after two rockets exploded at a UNIFIL peacekeeping force base in southern Lebanon, the Rome government said on Friday, expressing outrage at the incident.
Friday, November 22, 2024
UN Reports Heavy Clashes Between Israeli Troops and Hezbollah in South Lebanon
Israeli troops fought fierce battles with Hezbollah fighters on Friday in different areas in south Lebanon, including a coastal town that is home to the headquarters of U.N. peacekeepers.
Friday, November 22, 2024
Opinion
Lebanon's Economy—Not Battlefield—May Have the Final Word
Time and again during this most recent war in Lebanon, we hear the phrase, “The battlefield has the final word”. It has become the sole and wholly unsatisfactory refrain of Hezbollah and the so-called 'Axis of Resistance'.
Wednesday, November 20, 2024
Flying Above the Bombs, a Lebanese Airline Becomes an Unlikely National Hero
It used to be like almost any other national carrier, fielding gripes about flight delays, ticket prices and bad food.
Wednesday, November 20, 2024
Sports
Israel Face France in Paris Football Match Under Tight Security
Israel face France in a Nations League football match in Paris on Thursday surrounded by a huge security operation to prevent a repetition of the attacks on Israeli fans in Amsterdam last week.
Thursday, November 14, 2024
Alcaraz Beats Rublev to Open ATP Finals Account
Carlos Alcaraz opened his account at the ATP Finals on Wednesday with an entertaining 6-3, 7-6 (10/8) win over Andrey Rublev which boosted his hopes of reaching the semifinals.
Wednesday, November 13, 2024
Wednesday 13 March 2024 15:14:17
Natural Gas and Oil Forecast: OPEC’s Demand Forecast Raises Hopes
Unexpected U.S. inventory drop and OPEC's firm demand outlook push oil prices higher.
The stronger dollar, influenced by higher-than-expected U.S. inflation data, placed pressure on oil prices. However, ongoing disruptions in the Middle East and potential supply risks prevented significant price drops.
The American Petroleum Institute’s report of a 5.5 million barrel drop in inventories, contrary to the expected increase, indicated a temporary tightening in the U.S. oil market, though this is anticipated to be short-lived due to sluggish local fuel demand.
The Energy Information Administration’s upward revision of its oil production outlook for 2024 counterbalanced optimism from the inventory data. OPEC’s steady demand forecast and the forthcoming International Energy Administration report remain crucial for future oil market dynamics.
Natural Gas Price Forecast
Natural Gas (NG) exhibited a modest increase of 0.34%, pushing the price to $1.777. The commodity’s price movement hints at potential volatility with a pivot point established at $1.80. Resistance levels are identified at $1.90, $1.98, and $2.06, indicating areas where upward pressure may face challenges.
Conversely, support levels at $1.73, $1.68, and $1.62 offer a buffer against declines. The technical landscape, underscored by the 50-day and 200-day Exponential Moving Averages at $1.86 and $1.96 respectively, suggests a bearish trend below $1.86.
A push above this threshold could pivot the market towards a bullish outlook, warranting close observation for future trading decisions.
WTI Oil Price Forecast
In today’s trading, USOIL experienced a slight increase of 0.07%, trading at $78.04. Positioned closely around a critical pivot point of $78.32, the commodity shows potential volatility with established resistance levels at $79.63, $80.67, and $81.65, hinting at possible upward challenges.
Conversely, support levels are identified at $77.38, $76.02, and $74.94, safeguarding against any downward pressure. The 50-day and 200-day Exponential Moving Averages, at $78.32 and $77.17 respectively, highlight a tight trading range.
This positioning suggests a bearish trend below $78.32, but crossing this threshold could signal a shift towards bullish momentum, advising traders to watch these levels closely for future movements.
Brent Oil Price Forecast
Today, UKOIL edged higher by 0.12%, marking a price of $82.4. The analysis reveals a pivotal juncture at the $81.77 pivot point, indicating a delicate balance in market sentiment. Resistance levels are set at $83.02, $84.05, and $85.11, suggesting potential hurdles for upward momentum.
Meanwhile, support is established at $81.06, $79.99, and $79.03, providing crucial cushions for declines. The proximity of the 50-day and 200-day Exponential Moving Averages, at $82.45 and $81.72 respectively, underscores a tightly contested market space.
The trend remains bearish below the $81.77 mark, with a shift above this threshold potentially signifying a change towards bullish dynamics, urging traders to monitor these key indicators closely.
For a look at all of today’s economic events, check out our economic calendar.
