Natural Gas and Oil Forecast: API Draw Boosts WTI, But OPEC+ Output Caps Gains

Market Overview

WTI crude oil rebounded above $65 per barrel on Wednesday, snapping a four-day decline amid renewed geopolitical tensions and tighter U.S. supply data. A sharper-than-expected 4.2 million barrel draw in U.S. crude inventories, as reported by the API, signaled resilient demand and helped counterbalance concerns of market oversupply.

Meanwhile, possible trade policy shifts are prompting speculation about future global supply routes, particularly involving major importers.

Despite this, upward momentum was capped by OPEC+’s decision to boost production by 547,000 barrels per day in September, effectively concluding its recent output cuts and reintroducing surplus risks into the market.

Natural Gas Price Forecast

Natural Gas (NG) futures are consolidating below a key descending trendline, currently trading around $2.957 after failing to hold above the $3.029 resistance level. Price remains capped beneath both the 50-EMA and 100-EMA, reinforcing bearish pressure.

Short-term support lies at $2.901, and a break below this level could expose $2.822 next. Despite brief bullish attempts, sellers continue to dominate the structure.

For a shift in bias, bulls would need a clean breakout above $3.03 with sustained volume and follow-through toward $3.125. Until then, the broader trend favors lower highs and downside continuation.

WTI Oil Price Forecast

WTI Crude Oil (USOIL) remains under pressure, trading within a well-defined descending channel. The recent attempt to reclaim $65.79 stalled near the channel midline, while both the 50-EMA and 100-EMA hover above as dynamic resistance at $66.67 and $67.01, respectively.

Despite a brief consolidation, the trend structure continues to favor sellers, with lower highs reinforcing bearish momentum. Immediate support lies at $64.71, followed by $64.11, both tested during the recent decline.

A clean break above $66.10 would challenge the short-term downtrend, but until then, rallies are likely to be capped.

Brent Oil Price Forecast

Brent Crude Oil (UKOIL) is attempting to stabilize after a sharp descent within a clear descending channel. Price has rebounded modestly from $67.58 support but remains below key resistance levels, including $68.91 and the 50-EMA at $69.21. Momentum is neutral, with recent candles forming a tight range near $68.07, suggesting indecision.

The structure continues to favor bears unless price can break above the upper channel boundary and reclaim the 100-EMA at $69.51. Until then, downside risks toward $66.93 and $66.39 remain valid.

A decisive bullish breakout would require strong volume and a clean close above $68.91 to shift short-term sentiment.