Natural Gas and Oil Forecast: Cautious OPEC+ Move Keeps Prices Balanced Near Support

Market Overview

WTI crude oil traded near $61.7 per barrel after a modest 1% rise, as markets weighed a restrained OPEC+ output increase of 137,000 bpd for November against broader geopolitical risks.

While the move signals a cautious approach amid fears of oversupply from rising exports and unsold Middle Eastern cargoes, concerns over potential supply disruptions have kept prices supported.

Analysts note that refinery outages and regional uncertainty have temporarily tightened supply, though fragile demand prospects heading into the fourth quarter continue to limit gains, leaving energy markets in a delicate balance between risk and recovery.

Natural Gas Price Forecast

Natural gas is trading near $3.37, holding above its ascending trendline and showing resilience after recent pullbacks. The 50-day EMA ($3.38) and 200-day EMA ($3.30) are converging, signaling strong structural support in this zone.

If price maintains above $3.33, bullish continuation toward $3.49 and $3.58 remains likely. The RSI at 47 shows neutral momentum, suggesting room for a rebound if buyers regain control. On the downside, a break below $3.33 could trigger a deeper pullback toward $3.25.

Overall, the setup favors gradual accumulation as long as the uptrend line holds, with traders eyeing potential upside toward $3.68 on a breakout above resistance.

WTI Oil Price Forecast

WTI crude oil is trading near $62.02, holding above the short-term uptrend line and showing early signs of recovery from its recent downtrend. The price has broken above the descending channel and is now testing resistance at $62.53, close to the 50-day EMA ($61.80).

A clear break above this zone could open the path toward $63.48 and $64.19. On the downside, initial support sits at $61.55 and $61.04. The RSI at 58 indicates improving momentum without being overbought, suggesting room for further upside.

Overall, staying above the trendline keeps the short-term bias positive, with buyers likely to defend dips toward $61.50.

Brent Oil Price Forecast

Brent crude oil is trading near $65.83, showing signs of a potential breakout after reclaiming the short-term uptrend line. The price has recovered from $64.02 support and now hovers just above the 50-day EMA ($65.54).

A sustained move above $65.57 could confirm bullish momentum, targeting $66.60 and $67.48, while the 200-day EMA ($66.58) acts as a key barrier. The RSI at 60 suggests moderate bullish strength with room for further gains.

On the downside, immediate support lies at $64.81, and a break below this level could trigger a pullback toward $64.02. Overall, Brent remains constructive as long as it stays above the ascending trendline and 50-EMA support.