Natural Gas and Oil Forecast: Brent Rebounds as China GDP and US Data Boost Sentiment

Market Overview

Oil markets remained volatile on Friday as WTI crude held onto recent gains near $ 67.60 per barrel, buoyed by renewed supply risks and a brighter demand outlook. Output disruptions of up to 150,000 barrels per day in northern Iraq, alongside broader geopolitical tensions, stoked market uncertainty.

On the demand side, resilient U.S. economic indicators and stronger-than-expected Chinese GDP data helped ease growth concerns. Meanwhile, a sharp drop in U.S. crude inventories, despite rising production, underscored solid consumption.

However, prices still faced weekly losses of over 1% as easing sanctions concerns tempered bullish momentum, highlighting the market’s sensitivity to shifting global risk dynamics.

Natural Gas Price Forecast

Natural gas prices are holding firm at $3.578, staying within a rising parallel channel after rebounding from the $3.19 low. The 50-EMA at $3.476 now acts as dynamic support, while the 200-EMA at $3.620 remains a key resistance zone.

A clean breakout above $3.600 could open the door to $3.622 and $3.678, with $3.752 as the next upside target. On the downside, a break below $3.510 may trigger a correction toward $3.419 and $3.292.

As long as the price stays inside the ascending channel and above the 50-EMA, the bias remains bullish. Traders should watch for a breakout or rejection near the $3.600 level to determine the next directional move.

WTI Oil Price Forecast

WTI crude oil is attempting a bullish breakout above $67.88 after bouncing from a rising trendline near $65.56. Price now trades above both the 50-day EMA ($67.17) and 200-day EMA ($66.78), signaling strengthening short-term momentum.

Immediate resistance sits at the 23.6% Fibonacci level ($67.11), followed by $69.00 and $70.56. A sustained move above $69.00 would expose $72.11 as the next upside target. On the downside, support is seen at $67.12 and $65.56. A drop below $65.56 could open the door toward $64.02.

Overall structure suggests cautious bullishness, but momentum hinges on holding above $67.12 and breaking through $69.00.

Brent Oil Price Forecast

Brent crude is trading near $69.81, showing signs of strength after rebounding off the $69.00 support level. The price is moving within an ascending channel and remains above the 200-EMA ($68.67), with the 50-EMA ($69.08) acting as dynamic resistance.

A clean break above $70.31 could open the door to $71.50 and possibly $72.83. On the downside, support is firm at $69.00, followed by $67.66 and $66.88. As long as the price stays within the rising channel and holds above key EMAs, the short-term structure favors cautious upside potential.

Traders will be watching for a decisive close above $70.31 to confirm renewed bullish momentum.