Natural Gas and Oil Forecast: Brent Hovers at $63.91 – Will Fibonacci Levels Decide the Trend?

Market Overview

Oil and natural gas prices are being propped up as the US dollar loses ground, making dollar-denominated contracts a more attractive option for companies looking to buy internationally. WTI crude prices ticked up to $59.40, and despite the overall market becoming a bit more risk-averse, commodity markets in general seem to be holding steady – basically business as usual.

China just reported better-than-expected 5.0% GDP growth, while also setting a new record for refinery throughput, which rose by 4.1% from last year, all of which points to strong demand for energy.

This news got some decent uptake, but then came more interesting news: Venezuela is now offering cheaper crude to China. Big picture, it’s starting to look like the balance of supply & demand is shifting.

All of this is happening against a backdrop of ongoing trade tensions & global unease, so energy prices will be influenced by a range of factors, including currency fluctuations, the resilience of economies & shifting geopolitical risks in the coming weeks.

Natural Gas Price Forecast

Natural gas is trading around $3.732 and consolidating after a rally of more than 20%. The price is near key resistance at $3.600, which has been rejected before. Both the 50-period and 200-period moving averages are rising, confirming bullish momentum. The RSI is close to 60, showing strength without being overbought.

If the price breaks above $3.800, it could move toward $4.013 and $4.100. Support is at $3.551 and $3.500, and a drop below these levels could lead to a pullback toward $3.300. Overall, the outlook is cautiously optimistic, with more gains possible if resistance is broken.

WTI Oil Price Forecast

WTI crude oil is trading around $59.29 and holding steady after a recent pullback. The price is near the 0.5 Fibonacci retracement at $59.05, with resistance at $59.83 and $61.04. Both the 50-period and 200-period moving averages are rising, which supports a bullish view.

The RSI is neutral, showing that momentum is steady. If the price moves above $59.83, bullish sentiment could return, with $62.35 as the next target. Support is at $58.27, close to the 0.618 retracement and a key trendline. If this support fails, the price could fall toward $55.75. Overall, the outlook is cautiously optimistic, with a focus on a possible breakout above resistance.

Brent Oil Price Forecast

Brent crude is hovering at $63.91, signaling a short-term comeback amid a bull run. The price is currently just below the 0.382 Fibonacci retracement line at $64.13, with a clear resistance layer at $64.13 and $65.20. In the broader context, both the 50-period and 200-period moving averages are trending upward, supporting a bullish outlook. The RSI is neutral, suggesting steady momentum.

A breakthrough above $64.13 may lead to an increase toward $65.20 and $66.40. Conversely, a drop below $62.49 would approach the 0.618 retracement level, and a failure there could send Brent to $61.00 or lower. Overall, the market is in a “wait and see” phase, with traders anticipating a decisive move above $64.13 to confirm the ongoing trend.