Natural Gas and Oil Forecast: Bearish Oil Signals, Gas Holds Bullish Momentum

Market Overview

WTI crude slipped toward $63 per barrel, marking its third straight decline and setting up a weekly loss as supply pressures mount. Rising output from OPEC+ and US shale producers has heightened fears of a global surplus, while US crude inventories climbed 2.4 million barrels, including a 1.6 million-barrel surge at Cushing, signaling weaker demand.

Natural gas markets remain sensitive as geopolitical tensions and shifting trade flows inject volatility. With slowing US growth and the summer driving season ending, energy markets face a delicate balance between surplus risks and potential supply disruptions from global uncertainties.

Natural Gas Price Forecast

Natural gas is trading near $3.09, consolidating after a steady climb supported by an ascending trendline. The 50-EMA at $3.03 and 200-EMA at $2.97 are both holding beneath price, reinforcing the bullish structure.

The RSI at 58 shows improving momentum, staying below overbought territory, which leaves room for further gains. Immediate resistance sits at $3.13, followed by $3.21 and $3.28 if buyers extend control.

On the downside, the first support lies at $3.04, with stronger backing at $2.96 along the trendline. Holding above $3.04 keeps the short-term outlook constructive, while a close under $2.96 could weaken the trend. For now, buyers remain in control as long as natural gas stays above key moving averages.

WTI Oil Price Forecast

WTI crude oil is trading around $63.28, showing weakness after breaking below its rising trendline. The price is consolidating just under the 50-EMA at $63.98 and the 200-EMA at $64.09, both now acting as resistance.

Momentum indicators confirm bearish pressure, with the RSI near 36, reflecting weak demand but not yet oversold. Immediate support lies at $62.72, followed by $62.10 if sellers gain control.

On the upside, a move back above $63.70–$64.00 would be needed to ease pressure. Until then, the outlook remains tilted lower, with traders watching if support levels can prevent a deeper decline toward $61.46.

Brent Oil Price Forecast

Brent crude oil is trading near $66.80, struggling after breaking below its ascending channel. The price now sits under both the 50-EMA at $67.53 and the 200-EMA at $67.51, which have turned into resistance. The RSI at 37 points to weak momentum, with sellers maintaining control but not yet at oversold levels.

Immediate support lies at $66.36, followed by $65.63 and $65.01 if pressure continues. On the upside, a recovery above $67.20–$67.50 would be necessary to shift momentum back toward buyers.

Until then, the outlook leans bearish, with the risk of further declines unless Brent can reclaim key moving averages and re-enter the broken channel.