HARVEST GLOBAL MARKETS:

After the unexpectedly high U.S. inflation data was released, oil prices slightly declined from their recent four-month highs. The dollar’s strengthening and profit-taking behaviors contributed to this retreat. In spite of this small setback, the WTI and Brent crude oil contracts are expected to rise by more than 4% on a weekly basis, mostly due to signs of tightening fuel markets and increased demand in the United States.

The strengthening of the dollar and expectations of a more aggressive approach from the Federal Reserve may put pressure on the price of oil and natural gas. This might happen if the price of these commodities increases for people who own other currencies and if investor sentiment regarding energy commodities shifts.

Furthermore, a scenario of tight supply and strong demand for oil markets is suggested by geopolitical tensions, supply chain disruptions, and strong demand forecasts from groups like OPEC and the IEA. This dynamic could have a big impact on how much natural gas and oil prices move in the future.

In reference to the natural gas price forecast, on March 15, the commodity saw a slight decrease, ending at $1.825, which is slightly less than its pivot point of $1.84. This arrangement points to a possible trend change. The resistance levels, which present obstacles to any upward movement, are $1.88, $1.93, and $1.99. In contrast, support levels are seen at $1.78, and in the event that prices continue to drop, there are additional backup positions at $1.73 and $1.68. There is mixed outlook indicated by the 50-day and 200-day Exponential Moving Averages (EMAs), which are located at $1.83 and $1.94, respectively. Technically speaking, a bearish bias is indicated below the crucial level of $1.84, with a possible bullish bias transition if this level is surpassed.

USOIL saw a minor increase of 0.06% on March 15, closing at $81.04. The commodity is presently trading below $81.60, which is its pivot point and a crucial turning point that could influence its short-term trajectory. There are resistance levels at $82.22, $82.84, and $83.44, which could stifle the upward trend.

On the other hand, $80.63 is the established support level, and $80.04 and $79.57 are additional safety nets that are essential for containing any declines. The 50-day and 200-day Exponential Moving Averages (EMAs) at $79.07 and $77.51, respectively, point to underlying support for the price; the Relative Strength Index (RSI) details are not given. Below the $81.60 pivot, the technical picture for USOIL is cautiously bearish, with a bullish reversal possible upon breaching this level.