Natural Gas and Oil Forecast: Brent Eyes $70 Test, WTI Holds Gains, Gas Stuck in Bearish Zone

Market Overview

WTI crude oil held above $63.5 per barrel on Friday, pacing for its first weekly gain in three weeks amid strong U.S. demand signals and broader geopolitical tensions. U.S. stockpiles posted their sharpest nationwide draw since mid-June, though a build at Cushing hinted at weaker underlying demand.

Refinery runs and robust exports contributed to the decline. Meanwhile, natural gas prices remained pressured as markets assessed supply risks alongside global uncertainty.

Traders also awaited Federal Reserve Chair Powell’s Jackson Hole remarks for policy guidance, which could further sway energy demand and market direction.

Natural Gas Price Forecast

Natural gas futures ($NG) are trading at $2.78, slipping under trendline resistance after failing to sustain above $2.80. The 50-EMA ($2.84) and 100-EMA ($2.93) continue to slope downward, reinforcing bearish momentum. Support sits at $2.72 and $2.67, with a break lower exposing $2.61.

RSI at 46 signals weak momentum, staying below neutral, while repeated lower highs highlight ongoing downside pressure. Bulls need a decisive close above $2.88 to target $2.95 and $3.03, but until then, the bias remains cautious to bearish.

For now, natural gas is stuck in a downtrend, with sellers maintaining control unless price reclaims key moving averages and breaks the descending structure.

WTI Oil Price Forecast

WTI crude oil ($USOIL) is testing resistance at $64.14 after rebounding from support at $62.63. The price has broken out of its descending channel, suggesting buyers are regaining control. Both the 50-EMA ($63.20) and 100-EMA ($64.03) are acting as near-term pivots, with the market attempting to hold above them.

RSI at 60 signals moderate bullish momentum, though not yet overbought. A clear move above $64.14 could open the path toward $65.12 and $66.46, while failure to hold $62.63 risks a pullback to $61.60.

For now, crude oil is in a cautious recovery phase, with traders watching if bulls can sustain pressure above the EMAs for further upside.

Brent Oil Price Forecast

Brent crude ($UKOIL) is trading at $67.78, testing resistance at $68.21 after a steady climb supported by a rising trendline. The 50-EMA ($66.81) and 100-EMA ($67.26) are converging, reinforcing short-term support at $67.11. A breakout above $68.21 could open the path toward $69.14 and the psychological $70.00 mark.

RSI at 68 suggests strong bullish momentum but nearing overbought conditions, hinting at possible pullbacks before further gains. If price fails to sustain above $67.11, downside levels lie at $66.17 and $64.61.

For now, Brent remains in a recovery phase, with buyers in control as long as price holds above the rising trendline and key EMA levels.