Natural Gas and Oil Forecast: Key $59 Oil Resistance and $4.30 Gas Target

Market Overview

The WTI crude price slipped back to around $57.7 a barrel, with some of the bounce from recent highs given back. However, it still managed to hold on to a big chunk of the gains from the previous session, as geopolitical worries injected fresh uncertainty into energy markets and pushed up the risk premium.

Supply concerns resurfaced after news of production problems in a major oil field, and uncertainty over global conflicts just added to the market’s general volatility.

Even with all those risks and uncertainties in the mix, though, the raw material is still down nearly 20 % so far this year, and that’s the steepest annual drop since 2020 – which is a big deal.

Natural Gas Price Forecast

Natural gas is trading at around $3.99, consolidating after a steady rebound from the $3.30–$3.40 base. On the 2-hour timeframe, price is consolidating within an ascending channel, supported by a rising trendline that has held multiple pullbacks. Whereas recent candles show small-bodied closes near $4.00, suggesting consolidation rather than rejection.

On the upside, resistance remains near $4.32–$4.35, aligned with a prior swing high, while support is holding around $3.80. The leading indicator, RSI, is holding near the mid-50s, showing balanced momentum with room to extend. If the price holds above $3.80, buyers may look to extend toward $4.30, while a break below that support would shift focus back to $3.55.

WTI Oil Price Forecast

The WTI crude oil price is currently hovering around $58.00, taking a breather after a rebound from the $55.40-$55.60 base area. On the 2-hour chart, the price is locked in a narrow range. Looking at the candles, it’s clear that buyers are actively defending their support at $57.50, as evidenced by the long lower wicks we’ve been seeing around that level.

But each time the price pushes higher and challenges $58.80-$59.00, it can’t get any traction.  Meanwhile, the RSI has recovered from oversold territory, but without a strong bullish divergence in sight, it’s hard to determine if it’s a clear upswing.

Suppose the price finally breaks above $59.00, then $59.80-$60.00 becomes a viable target. But if we see a drop below $57.50, USOIL could move to $56.70, making the case for a breakout trade above resistance even more attractive.

Brent Oil Price Forecast

Brent crude oil is trading right at $61.50, not budging much from short-term support after rebounding from the $60.20-$60.50 zone. On a 2-hour chart, the price is stuck in a symmetrical triangle, where an upward trendline from the mid-month lows is being tested by a downward resistance line from that $64.00 peak.

Recent candles have shown a bit of hesitation near $61.00, with nothing too aggressive on the sell side. The RSI (relative strength index) is nudging its way back up to the mid-50s after a pretty sharp drop, so that’s a bit of a positive sign for the bulls, even if it’s not saying “excess” momentum just yet.

If Brent crude oil can break above $62.30 and hold, then we should see a nice run up to $63.20-$64.00; on the other hand, if it breaks below $60.90, we’ll probably see a trip back down to $60.20.