Natural Gas and Oil Forecast: Channel Support Holds as Market Awaits OPEC+ Move

Market Overview

WTI crude slipped 1% to $65 per barrel after Kurdish exports resumed for the first time in over two years, adding 180,000–190,000 barrels per day with potential growth to 230,000 bpd. The increase compounds supply concerns as OPEC+ prepares to approve an additional 137,000 bpd output hike.

At the same time, geopolitical tensions continue to cloud market sentiment, with risks to Russian flows highlighting ongoing vulnerability in global energy supply chains.

For natural gas, prices remain sensitive to disruptions, as traders balance fresh output against geopolitical risk. The mix of expanding supply and heightened uncertainty leaves energy markets finely poised.

Natural Gas Price Forecast

Natural gas is struggling below a descending trendline that’s been capping rallies since mid-September. Price is currently near $3.16, caught between support at $3.12 and resistance around $3.19. The 50-EMA ($3.18) is acting as immediate resistance, while the 200-EMA ($3.20) adds another barrier overhead.

The RSI sits near 41, showing weak momentum and a slight bearish bias. A clear break above $3.20–3.25 would signal a potential reversal toward $3.29–3.35, while failure to clear this zone risks a retest of $3.12 and possibly $3.06.

For now, the trend remains pressured under the descending line, and traders should watch for either a breakout confirmation or continued rejection to guide direction.

WTI Oil Price Forecast

WTI crude oil is trading inside a clear ascending channel, holding steady above $65.00 after pulling back from resistance near $66.38. The short-term trend remains constructive as price respects both the 50-EMA at $65.02 and the channel’s midline support.

Momentum has cooled, with the RSI at 51, suggesting neither buyers nor sellers have control at this stage. A sustained close above $66.40 would likely open the door toward $67.30–$68.20, aligning with the upper channel. On the other hand, a drop below $64.90 could expose the lower boundary near $64.00.

For now, the bias leans slightly bullish while the channel holds, but traders should watch candlestick behavior near the midline for confirmation.

Brent Oil Price Forecast

Brent crude is consolidating after a sharp move toward $69.90, where resistance forced a pullback. Price is holding inside a rising channel, supported by the 50-EMA at $68.57 and the 200-EMA at $67.83. The RSI sits near 52, showing neutral momentum and room for either direction.

A sustained push above $69.30 could re-test the recent high at $69.90 and open the door toward $70.50. On the downside, a break below $68.30 risks a slide toward $67.70 or the channel’s base.

For now, the structure favors buyers while the channel holds, but candlestick rejection near the $69.30–$69.90 zone should be watched closely as a potential turning point.