Natural Gas and Oil Forecast: Geopolitical Tensions and OPEC+ Hold Fuel Oil Price Rally

Market Overview

Natural gas and oil markets remain volatile as geopolitical tensions tighten supply and bolster prices. WTI crude rose to $62.92 per barrel, extending gains for a second session as global trade prospects improved. OPEC+ maintained production cuts amid tightening fundamentals, further constraining supply.

The U.S. government’s decision to restrict Chevron’s Venezuelan exports and the company’s announcement of 800 job cuts in Texas signal ongoing structural shifts.

While geopolitical risks loom, energy prices are reacting swiftly, with natural gas futures also dipping near $3.538, reflecting broader market uncertainties driven by supply pressures and demand recalibrations.

Natural Gas Price Forecast

Natural gas futures (NGN2025) slumped to $3.538 as a descending triangle pattern nears completion. The price rejected resistance near $3.708 and broke below the 50-EMA ($3.645) and 200-EMA ($3.730), reinforcing a bearish narrative.

Price action showcases a bearish engulfing candle followed by consistent lower highs, indicating sustained selling pressure. If the decline continues, immediate support rests near $3.447 and $3.347.

A breakdown below these levels could extend the sell-off to $3.240. However, any quick bounce toward $3.580 would need a strong bullish candle above $3.645 to reverse the momentum.

WTI Oil Price Forecast

WTI Crude Oil (USOIL) surged to $62.92, extending gains following a breakout above $62.31. The price action confirms a completed bullish Gartley pattern, which emerged from a consolidation zone around $60.22. This breakout, supported by a decisive close above the 50-EMA ($61.63) and the 200-EMA ($61.43), indicates a shift in momentum.

Volume analysis reveals stronger bullish conviction as the price overcame prior resistance levels, including $61.48. The current structure suggests an advance toward $63.22 and potentially $63.86.

A firm close above $63.22 would validate further upside, while any pullback toward $62.31 may offer a reentry opportunity.

Brent Oil Price Forecast

Brent crude oil (UKOIL) broke above $65.33, marking a significant technical shift as price action pierced the descending trendline resistance. This move follows a decisive bounce from the $64.28 support, where price action aligned with the 50-EMA ($64.42) and 200-EMA ($64.49), reinforcing bullish conviction.

The latest surge aligns with increased momentum and higher lows, indicating accumulation by market participants. If price sustains above $65.33, it may target the next resistance at $66.11 and $66.59.

Conversely, a retest of $64.98 may offer a tactical long opportunity with stops below $64.49.