Natural Gas and Oil Forecast: Bullish Breakout for Gas, Oil Slips on OPEC+ Supply Boost

Market Overview

WTI crude oil futures slid 3.2% to $56.40 per barrel on Monday following OPEC+’s decision to raise production by 411,000 barrels per day in June. This marks the second consecutive monthly hike, with total supply increases potentially reaching 2.2 million barrels per day by November.

The move has stoked fears of oversupply, especially as global demand remains uneven.

Meanwhile, escalating geopolitical tensions in the Middle East are adding uncertainty to energy markets, driving volatility in both oil and natural gas. Traders are closely monitoring developments as energy prices remain highly sensitive to further supply disruptions or escalations.

Natural Gas Price Forecast

Natural Gas is trading at $3.691, holding steady near session highs after an impressive breakout above both the 200 EMA ($3.474) and the 50 EMA ($3.461)—a clear shift toward bullish momentum. The current pivot sits at $3.671, and the price is consolidating just above it.

Immediate resistance lies at $3.789, with the next upside target at $3.891. A sustained break above these levels could open a path toward $4.008. On the downside, initial support rests at $3.538, followed by stronger backing at $3.394, which also aligns with a prior consolidation zone.

The short-term trend is bullish, supported by a rising channel structure. As long as price stays above $3.538, dips may attract buyers. A clean break and hold above $3.789 could accelerate gains.

WTI Oil Price Forecast

WTI crude is currently trading around $56.40, just off recent lows after a steep pullback. The pivot point rests at $58.05, a level bulls will need to reclaim to shift momentum. Immediate resistance is seen at $58.05, followed by stronger overhead pressure near $59.78. Support holds at $55.36, with deeper footing at $53.85.

The 50-period EMA stands at $59.96, sloping downward—reflecting ongoing bearish sentiment. The 200-period EMA is higher at $63.42, reinforcing the broader downtrend. Price is firmly below both, signaling short-term weakness.

Unless WTI can push decisively above $58.05, rallies may be capped. A drop below $55.36 would suggest renewed downside toward $53.85.

Brent Oil Price Forecast

Brent crude is trading near $59.72, attempting to recover from recent lows around $59.00, which acted as a short-term floor. The immediate pivot stands at $60.79, a level that previously served as key support but is now acting as resistance. If bulls can reclaim this level, we could see a move toward $62.70.

However, Brent remains trapped beneath the 50-EMA at $61.87 and the 200-EMA at $64.74, both pointing downward—confirming the broader bearish trend. On the downside, initial support lies at $59.00, with the next level at $58.62, followed by a deeper floor at $56.98.

Technically, the setup remains cautious. Price is rebounding, but any rally faces stiff resistance ahead. A break above $60.79 would be a constructive sign.