Natural Gas and Oil Forecast: Bulls Eye Breakout as OPEC+ Holds Supply Steady

Market Overview

Crude oil prices advanced over 1% to around $61.7 per barrel as traders balanced OPEC+’s limited 137,000 bpd production increase for November against heightened geopolitical uncertainty. The modest supply adjustment—unchanged from October—signaled the group’s cautious stance amid fragile global demand.

Despite easing earlier output cuts totaling 3.85 million bpd, OPEC+ maintained flexibility to pause or reverse changes if market conditions shift. Meanwhile, natural gas prices held firm as investors weighed potential disruptions to energy flows against stable inventories and seasonal demand.

Overall, geopolitical tensions have reinforced oil’s risk premium, tempering the impact of new supply additions.

Natural Gas Price Forecast

Natural gas is holding steady near $3.41 after bouncing from the 200-day EMA at $3.29, signaling short-term stability. The 50-day EMA at $3.37 now acts as immediate support, while resistance stands at $3.42 and $3.49.

A break above these levels could open the way toward $3.58 and $3.60, aligning with the upper boundary of the ascending channel. The RSI sits near 53, suggesting balanced momentum with mild bullish bias.

If buyers sustain control above $3.37, upward continuation looks likely, but a close below $3.33 could shift sentiment back toward $3.24. Overall, price action remains constructive as long as natural gas holds above its moving averages.

WTI Oil Price Forecast

WTI crude oil is attempting to break above its descending channel after finding solid support near $60.41. The price has rebounded toward $61.87, testing the 50-day EMA at $61.82, while the 200-day EMA sits higher at $62.94, creating short-term resistance.

A sustained close above $62.57 could signal a shift in momentum toward $63.48 and $64.19. However, failure to clear the EMAs may invite renewed selling pressure back toward $61.55 and $60.41. RSI has recovered from oversold territory, now hovering around 59, suggesting mild bullish momentum but not yet confirming a strong reversal.

Brent Oil Price Forecast

Brent crude oil is testing a potential breakout above its descending channel after rebounding from support at $64.02. The price now trades near $65.51, closely aligned with the 50-day EMA at $65.53. A sustained move above this level could open the way toward $66.60 and $67.48, where the 200-day EMA and prior highs converge.

On the downside, $64.81 and $64.02 remain key supports to watch if momentum weakens. RSI has climbed to around 59, reflecting improving buying interest but not yet signaling overbought conditions.