Natural Gas and Oil Forecast: Crude Weakens, But Natural Gas Defies Market Headwinds

Market Overview

WTI crude oil fell to $57.07 per barrel, extending its decline amid persistent oversupply concerns and heightened geopolitical tensions weighing on global demand.

Crude storage at sea reached a record 1.24 billion barrels for the week ending October 17, reflecting a growing market imbalance. Traders remain cautious as geopolitical uncertainty clouds the outlook for energy trade flows and economic recovery.

Meanwhile, Natural Gas prices held relatively steady, supported by short-term demand stability, though broader sentiment remains subdued as supply resilience and diplomatic uncertainty continue to pressure the overall energy complex.

Natural Gas Price Forecast

Natural Gas futures are trading near $3.39, maintaining gains after rebounding sharply from $2.89. The price is testing a descending trendline resistance around $3.53, with immediate support seen at $3.29 near the 200-day EMA.

A break above $3.53 could extend the rally toward $3.65, while failure to clear this level may trigger a consolidation phase between $3.30–$3.50. The RSI at 76 indicates overbought conditions, suggesting a potential short-term pullback before further upside attempts.

Overall, the outlook remains cautiously bullish as long as prices hold above $3.29, supported by improving momentum and strong recovery from recent lows.

WTI Oil Price Forecast

WTI Crude Oil is trading near $57.07, showing mild recovery after rebounding from $55.90 support. The price is attempting to break out of a downward channel, with resistance seen around $57.40 and the 50-day EMA at $57.54.

A clear move above this zone could open the way toward $59.10, while failure to hold above $57.00 may send prices back toward $55.90. The RSI has improved to around 50, indicating a shift from bearish to neutral momentum.

However, overall sentiment remains cautious as oil trades below the 200-day EMA at $59.96. A sustained break above short-term resistance could confirm a bullish reversal toward the $60 area.

Brent Oil Price Forecast

Brent Crude Oil is trading near $61.13, recovering modestly after bouncing from the $60.18 support zone. The price is testing the upper boundary of a descending trendline, with resistance seen at $61.50, close to the 50-day EMA.

A sustained break above this level could trigger a move toward $63.00, while failure to hold may push prices back toward $60.40 or $59.20. The RSI at 50.8 indicates neutral momentum, showing room for potential upside if buying interest strengthens.

However, the broader trend remains cautious as the price trades below the 200-day EMA at $63.90, keeping the outlook mildly bearish unless bulls confirm a breakout above short-term resistance.