Natural Gas and Oil Forecast: Russian Cuts Push Q1 Gains, Oil on a Rise

Oil Rally Amid Russian Cuts: Anticipated reductions in Russian output fuel robust Q1 gains, easing global surplus fears.

Market Overview

Oil prices saw a significant increase during the last week, ending the first quarter with robust gains due to anticipated reductions in Russian output, which mitigated concerns over a potential global supply surplus.

The price surge in USOIL and UKOIL was driven by continued production curbs by OPEC+ members, including Russia and Saudi Arabia, and heightened geopolitical tensions in the Middle East affecting supply stability.

This scenario is likely to influence the upcoming OPEC+ meeting, with expectations leaning towards maintaining the current output policy, potentially impacting future oil and natural gas market forecasts.

Natural Gas Price Forecast

Natural Gas (NG)

 exhibits a slight downturn, trading at $1.797, down 0.39%. The pivotal point at $1.79920 will determine its near-term direction. Resistance levels at $1.84390, $1.87590, and $1.91150 mark potential upward barriers, while support at $1.76480, $1.72080, and $1.67930 will test its stability.

The 50 EMA at $1.7991 and 200 EMA at $1.8785 suggest a cautious market sentiment. Currently, the trend for Natural Gas is bearish below $1.79920, but crossing this threshold could tilt the bias towards a bullish outlook.

WTI Oil Price Forecast

Brent Oil Price Forecast