Citi Revises Natural Gas Price Forecasts Downward

Citi's downward revision of natural gas price forecasts could create selling pressure in the market. Although the RSI is in neutral territory around 55 on technical indicators, the MACD has just crossed below the signal line, indicating short-term weakness. The price hovering near the 20-day moving average (3.156) suggests that a break below this level could accelerate the decline. A short-term downward move may be expected due to the news, but the decline could also be limited.

Despite the RSI being in oversold territory at 18.9, the short-term outlook for Brent crude remains weak. The MACD line is below the signal line and in negative territory, indicating sustained bearish momentum. The price is trading below the 20- and 50-day moving averages, which are acting as resistance. Citi's downward revision of its natural gas price forecasts confirms the overall weakness in energy markets and could add further pressure on Brent crude. However, given the oversold conditions, the possibility of a short-term corrective bounce should not be ruled out.

WTI crude oil has lost 5.3% in the last 24 hours, with the RSI entering oversold territory at 17.6. The MACD line is below the signal line and in negative territory, indicating weak short-term momentum. The price is trading well below the 20- and 50-day moving averages, pointing to a deteriorating technical structure. Citi's downward revision of natural gas price forecasts reflects an expectation of broad weakness in the energy sector, which could add further pressure on oil prices. While oversold conditions may trigger a short-term bounce, the current trend remains bearish, and the downtrend could persist.