Natural Gas and Oil Forecast: Bullish Trend Extends but Resistance Zones Test Buyer Strength

Market Overview

Oil prices held slightly higher on Thursday as renewed geopolitical tensions raised the risk of supply disruptions, even as underlying fundamentals remained soft. A series of targeted strikes on key energy infrastructure has reduced refining throughput by roughly 335,000 barrels per day, pushing Russia’s average September–November output toward 5 million bpd.

Hopes for a diplomatic breakthrough faded after recent talks produced no meaningful progress, removing earlier expectations of additional supply returning to an already well-stocked market.

While analysts expect crude to stay range-bound, ratings agencies warn that oversupply and steady production growth could weigh on prices through 2027.

Natural Gas Price Forecast

Natural gas is trading near $5.02, holding firmly inside a rising channel that’s guided the rally from late November. Price recently bounced from support at $4.95, with clean higher lows building along the lower trendline. Candlesticks show steady buying pressure, though repeated hesitation below $5.11 reflects early supply near resistance.

The 50-EMA at $4.87 is acting as short-term dynamic support, while the 200-EMA around $4.65 provides a deeper floor. RSI near 64 signals strengthening momentum without entering extreme territory.

A breakout above $5.11 may open the path toward $5.25 and the channel top near $5.40. If price slips below $4.95, downside levels appear at $4.80 and $4.69.

WTI Oil Price Forecast

WTI crude oil is trading near $59.24, holding inside an ascending channel that’s guided price higher since the November low. Recent candles show hesitation beneath $59.98, where repeated upper wicks highlight supply. The 50-EMA around $59.04 is acting as short-term support, while the 200-EMA near $59.16 sits slightly above price, creating a narrow compression zone.

Immediate support is seen at $58.26 and deeper at $57.68 if momentum weakens. Channel support aligns near $58.70, making it an important level for buyers.

The RSI around 53 shows balanced conditions without a clear directional bias. A break above $59.98 may open a move toward $60.73, while losing $58.70 would tilt momentum lower.

Brent Oil Price Forecast

Brent crude is trading near $62.90, moving inside a rising channel that’s supported price since the November low. Recent candles show rejection around $63.73, where repeated upper wicks highlight supply. The 50-EMA at $62.84 is acting as near-term support, while the 200-EMA at $63.13 caps upside momentum for now.

Immediate support stands at $62.18, with a deeper level at $61.62 if sellers gain control. Channel support aligns near $62.50, making it a key area for buyers. RSI near 50 signals neutral conditions, with no clear trend shift yet.

A break above $63.73 could open the path toward $64.50, while losing $62.50 would expose a move toward $60.97.