Natural Gas and Oil Forecast: Brent Eyes $66.80 Resistance – Is a Bullish Breakout Ahead?

Market Overview

Oil prices took a tumble mid-week as the prospect of a 1.7m barrel increase in US crude stocks basically trumped any short-term supply woes in Central Asia and Ongoing Geopolitical tensions that have been causing a ruckus. Earlier on, we saw prices creep up somewhat due to short-term outages at key oil fields, but let’s be real, markets are still fixated on these US stockpiles and were in for a bit of an update later this week from the industry and government figures.

The usual geopolitical uncertainty is still keeping oil & gas prices shored up – all thanks to global trade, Energy security, and the state of our LNG routes. Analysts, though, reckon that unless we see a real escalation of these tensions, it’s all going to come down to the US inventory levels and demand signals.

For now, energy markets are trying to weigh up supply disruptions against the fact we’ve got loads of spare inventory knocking about, which is putting oil & gas price forecasts on caution, but at the same time, they are super sensitive to any of those hot geopolitical headlines coming out.

Natural Gas Price Forecast

Natural Gas Futures (NGG2026) are trading around $4.405 after a sharp 13% rally, breaking above a descending trendline and reclaiming the $4.196 resistance zone. The move signals a potential bullish reversal, supported by strong momentum and volume. Price action now targets the next resistance levels at $4.912, $5.197, and $5.555, as indicated by the projected path.

The 50-period and 200-period moving averages are turning upward, reinforcing the bullish bias. However, RSI is above 75, suggesting overbought conditions and the possibility of a short-term pullback or consolidation. If price holds above $4.196, the bullish structure remains intact. Traders should watch for continuation candles and volume confirmation before targeting higher levels. A close below $3.699 would invalidate the breakout setup.

WTI Oil Price Forecast

WTI Crude Oil is trading around $59.75, hovering near the 0.382 Fibonacci retracement level at $59.83. Price action shows signs of consolidation after a recent pullback from $62.35, with resistance forming near $60.53 and $61.44. The 50-period and 200-period moving averages are flattening, suggesting indecision and a lack of strong trend momentum. RSI is neutral, hovering near 50, indicating neither overbought nor oversold conditions.

If oil breaks below the 0.618 Fib level at $58.27, downside targets include $57.11 and $55.75. A bullish reversal would require a close above $60.53 with volume confirmation. Until then, traders should expect range-bound movement between $58.50 and $60.53, with macro headlines and inventory data likely to drive short-term sentiment.

Brent Oil Price Forecast

Brent Crude Oil is trading near $64.19, hovering just above the 0.382 Fibonacci retracement level at $64.13. Price action remains supported by an ascending trendline, suggesting bullish momentum may still be intact.

The 50-period and 200-period moving averages are converging, hinting at a potential crossover that could reinforce upward bias. RSI is neutral, sitting near 50, indicating balanced momentum. If Brent holds above $63.31 (the 0.5 Fib level), it could retest resistance at $66.80.

A breakout above this level would confirm the projected bullish path and open the door toward higher highs. However, failure to hold above $62.49 may shift sentiment bearish, targeting $59.82.