Natural Gas and Oil Forecast: Brent Hovers at $64 While OPEC Output Plans Cloud Outlook

Market Overview

Oil and natural gas prices declined on Wednesday as geopolitical tensions and a stronger U.S. dollar dampened investor sentiment across global markets. Brent crude hovered near $64 per barrel, while WTI traded close to $60, pressured by higher U.S. crude inventories and waning risk appetite.

The dollar index held at a three-month high, reducing demand for dollar-priced commodities as traders priced in slim odds of a Federal Reserve rate cut in December.

Meanwhile, OPEC+ confirmed a modest 137,000 barrels per day output increase for December, though analysts warned the adjustment would do little to stabilize prices amid fragile global demand.

Natural Gas Price Forecast

Natural Gas (NG) is trading near $4.24 after failing to sustain above the $4.38 resistance, marking a mild pullback within an ascending channel. The 50-period EMA at $4.15 now acts as immediate support, while the 200 EMA near $3.94 remains a key trend floor. A close below $4.10 could trigger further declines toward $4.00 and $3.92.

On the upside, reclaiming $4.38 would signal renewed momentum, with the next resistance at $4.57 and $4.71. RSI sits around 52, showing cooling momentum after recent overbought readings. The broader structure still supports an uptrend, but short-term traders may watch for consolidation before a potential continuation higher.

WTI Oil Price Forecast

WTI crude oil (USOIL) is holding steady near $60.50 after rebounding from the key 38.2% Fibonacci support at $60.03. The price is consolidating within a symmetrical triangle, with resistance near $61.50 and support around $59.25. The 50- and 200-period EMAs are converging at $60.40, suggesting a potential breakout zone ahead.

A close above $61.50 could open the path toward $62.54, while a drop below $59.25 might expose $58.46 and $57.24 levels. RSI hovers near 46, indicating balanced momentum.

Traders are watching for a decisive move out of the triangle to confirm short-term direction, with the broader trend still supported by higher-lows structure from the October base around $56.

Brent Oil Price Forecast

Brent crude (UKOIL) is trading around $64.50, holding above the key 38.2% Fibonacci retracement at $64.11. The price remains supported by a rising trendline from the October lows near $60. The 50- and 200-period EMAs are converging around $64.35–$64.45, forming an immediate pivot zone that could guide the next move.

A sustained break above $65.30 may open the door toward $66.60 and $67.70, while failure to hold $64.10 could expose the $62.55 and $61.70 support levels.

RSI is hovering near 47, showing neutral momentum, suggesting that traders are waiting for a catalyst, likely from upcoming OPEC and macro data, before committing to the next directional leg.