Natural Gas and Oil Forecast: Brent Nears $70, WTI Eyes $66 as Geopolitical Tensions Rise

Market Overview

WTI crude hovered near $64.51 per barrel, holding recent gains close to a two-week high as traders weighed rising supply risks tied to geopolitical tensions. Concerns over potential disruptions in refining and exports have added to market unease, while expectations of new sanctions further supported prices.

At the same time, a likely Federal Reserve rate cut could stimulate demand, underpinning bullish sentiment.

Adding to the momentum, U.S. crude inventories dropped 3.42 million barrels last week, more than double the expected decline. The combination of tighter supply and resilient demand expectations keeps energy markets on edge.

Natural Gas Price Forecast

Natural gas futures are trading at $3.09, pulling back after testing resistance at $3.15. The chart shows prices consolidating inside a symmetrical triangle, with higher lows since late August but repeated failures to break above the descending trendline. This squeeze suggests a breakout is approaching.

The 50-EMA at $3.04 and the 200-EMA at $3.01 now form immediate support, while the RSI at 59 signals cooling momentum after being near overbought levels. A clean break under $3.05 could send prices toward $2.96 and $2.90, aligning with the triangle’s lower boundary.

On the upside, a breakout above $3.15 would flip sentiment bullish, opening targets at $3.19 and $3.25. For now, traders should watch $3.05–$3.15 as the key decision zone.

WTI Oil Price Forecast

WTI crude oil is trading around $64.51, breaking out of a descending triangle after holding support near $62.30. The breakout above the 50-EMA ($63.53) and 200-EMA ($63.52) signals momentum shifting toward buyers. Price is now consolidating just below $65.08, the next resistance.

The RSI at 67 shows strength but is approaching overbought territory, suggesting a short pause or retest could occur before further gains. If crude holds above $64.10, continuation toward $66.02 and $66.74 looks possible. A close back below $63.50 would weaken the bullish case, potentially drawing price back to $62.46.

For now, the market favors buyers, but follow-through above $65 is key to confirm the next leg higher.

Brent Oil Price Forecast

Brent crude oil is holding near $68.42 after breaking out of a symmetrical triangle pattern, signaling a shift in momentum. The breakout followed a clean bounce from the 200-EMA at $67.26 and the 50-EMA at $67.50, both now acting as layered support. Immediate resistance sits at $68.64, where the price stalled after a sharp rally.

The RSI at 65 shows healthy bullish momentum without yet entering overbought territory, suggesting there’s still room for further upside. If buyers maintain control above $68.00, the next targets come into play at $69.51 and potentially the psychological barrier at $70.00.

On the downside, a close back below $67.80 would weaken this breakout, risking a pullback toward $67.02 or even $66.33. For now, the structure favors continuation higher, provided $68 holds.