Wind and Solar Surpass Natural Gas in April

Although the news implies that renewable energy surpassing natural gas could indirectly reduce oil demand, the short-term impact is limited. In technical indicators, the RSI is in neutral territory just above 50, while the MACD is below zero but approaching the signal line, giving a weak bullish signal. The price is trading near the SMA20 and SMA50 averages, indicating no clear direction. Despite a 2% decline in the last 24 hours, the indicators are not in oversold territory. Therefore, a sideways trend can be expected in the short term.

The news indicates that renewable energy surpassing natural gas could reduce demand. Technically, the RSI is in the weak zone at 43, and the price is below both the 20-day and 50-day moving averages. The MACD remains below the signal line, confirming negative short-term momentum. The last close was at $3.287, and if it stays below this level, the decline could accelerate. However, the downside may be limited, so I expect a downward move with moderate confidence.