Natural Gas and Oil Forecast: Crude Stabilizes at $58 as Traders Brace for Fed Rate Cut Boost

Market Overview

Geopolitical tensions and rising supply forecasts continue to shape the outlook for natural gas and oil markets. WTI crude traded near $58, stabilizing after a two-day slide driven by concerns over a saturated global market.

The US now expects record output of 13.6 million barrels per day, adding to oversupply pressures. API data showed a 4.8-million-barrel draw in crude inventories, partly offset by rising gasoline and distillate stocks.

Traders await fresh guidance from IEA and OPEC reports, while the Federal Reserve’s anticipated 25 bp rate cut could bolster fuel demand into next year.

Natural Gas Price Forecast

Natural Gas is trading near $4.58, stabilizing after a sharp drop from the $5.27 high. Price broke below the ascending channel last week and is now hovering just above support at $4.49, where recent candles show long lower wicks, hinting at early buyer interest.

The 20-EMA and 200-EMA sit above current price, keeping the short-term structure bearish. RSI remains near oversold territory, suggesting momentum is stretched but not yet reversing convincingly. Natural Gas stays weak unless price reclaims the broken channel.

If buyers defend $4.49, a corrective bounce toward $4.64 and $4.86 becomes possible. A close above those levels would ease selling pressure. If $4.49 fails, the chart exposes $4.35 and the deeper support at $4.23.

WTI Oil Price Forecast

WTI Crude Oil is trading near $58.36, stabilizing after slipping below the lower boundary of its ascending channel. Candlesticks show short-bodied pauses around $58.13, indicating buyers are trying to slow the decline but aren’t yet strong enough to drive a reversal. The 20-EMA and 50-EMA sit well above price, reinforcing near-term downside pressure.

Immediate resistance stands at $58.70, the level price failed to reclaim after the breakdown. A move above this area would allow a retest of $59.17, where sellers previously stepped in.

On the downside, support sits at $58.00, followed by $57.68. Losing these levels exposes deeper weakness toward $57.12.

Brent Oil Price Forecast

Brent Crude Oil is trading near $62.05, stabilizing after slipping below its ascending channel earlier in the week. Price found temporary support at $61.84, where recent candles show small bodies and long lower wicks, suggesting selling pressure has slowed but buyers aren’t yet strong enough to reclaim momentum.

The 20-EMA and 50-EMA remain above price, reinforcing a short-term bearish structure. A recovery above $62.66, the nearest resistance, would be the first sign that buyers are attempting to regain control.

If Brent manages to close above that level, the next upside target sits at $63.31, followed by $63.95. RSI hovering around the low 40s shows weaker momentum but not yet oversold conditions. On the downside, if $61.84 breaks, the chart opens room toward $61.45, and then $60.98, where stronger historical support sits.