Market Overview
WTI crude slipped to $63.8 per barrel, extending recent losses as supply concerns outweighed demand. OPEC+ output hikes have lifted the global supply outlook, while the fading U.S. driving season is adding pressure to consumption.
Yet, geopolitical tensions continue to inject a risk premium into energy markets, balancing oversupply fears with uncertainty over potential disruptions to global flows. Natural gas followed similar volatility, with traders weighing production trends against the broader backdrop of geopolitical instability.
As OPEC+ prepares to meet and markets monitor international developments, crude and gas prices remain vulnerable to both supply shifts and geopolitical shocks.
Natural Gas Price Forecast
Natural gas futures are trading around $3.04 after breaking out of a falling channel that capped prices through August. The move above the 50-EMA ($2.90) shows buyers regaining control, with the next resistance sitting at $3.09, followed by $3.19 and $3.31.
Momentum supports the breakout: RSI is at 66, approaching overbought but still below extreme levels, while the MACD has crossed into bullish territory with rising histogram bars. On the downside, $2.86 and $2.79 serve as immediate supports if prices retest lower. Holding above $2.99 keeps the bias constructive.
A sustained close above $3.09 would confirm further upside, while failure there could trigger consolidation. Overall, the trend is turning positive with clearer targets overhead.
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Natural Gas Price Forecast
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See all Natural Gas forecastsWTI Oil Price Forecast
WTI crude oil is trading at $64.13, sitting inside a tightening triangle pattern on the 4-hour chart. Price is supported by an ascending trendline near $63.66, while resistance remains heavy around $65.12 and the 200-EMA at $64.65. The 50-EMA at $63.76 continues to provide short-term support.
RSI is neutral at 54, showing balanced momentum, while the MACD is flat, signaling indecision. A breakout above $65.12 could open the way to $65.79 and $66.46, while a drop below $63.66 risks a move toward $62.96 and $62.24.
Traders may wait for confirmation, as the narrowing structure suggests volatility is likely to expand soon. Clear levels are defined, making this a straightforward breakout setup.
Brent Oil Price Forecast
Brent crude is trading near $67.56, holding within a tightening triangle pattern on the 4-hour chart. Price action is supported by an ascending trendline near $67.24, while resistance looms around $68.47 and $69.14. Both the 50-EMA ($67.24) and 200-EMA ($67.68) are converging, signaling indecision ahead of a potential breakout.
Momentum indicators are balanced, with the RSI at 54 showing neutral strength, while the MACD remains flat, reflecting a lack of clear direction. A breakout above $68.47 could open room toward $69.14, while a drop below $67.24 risks a decline toward $66.36 and $65.58.
With the triangle narrowing, traders should prepare for volatility as price edges closer to a decisive move.