Natural Gas and Oil Forecast: Market Awaits OPEC Decision Amid Rising Bullish Pressure

Market Overview

Oil and natural gas markets traded cautiously this week as geopolitical tensions and OPEC’s output discussions shaped investor sentiment.  Despite renewed sanctions pressure on Russian exports, market gains were capped by persistent demand concerns and cautious global growth signals.

Meanwhile, natural gas prices climbed above $4.10/MMBtu, supported by tighter supply expectations and cooler weather forecasts. Energy markets remain highly sensitive to further supply disruptions or policy shifts that could ignite renewed volatility.

Natural Gas Price Forecast

Natural Gas (NG) is trading near $4.16, up 1.49%, as buyers extend control after breaking out of a symmetrical triangle pattern. The price is holding well above the $4.01 support, showing renewed bullish strength. The 50 EMA ($3.91) has crossed above the 200 EMA ($3.83), confirming a short-term uptrend.

Momentum remains firm with the RSI at 67, close to overbought but not signaling exhaustion yet. The breakout candle shows strong volume, suggesting continuation toward the next resistance levels at $4.23 and $4.40.

If bulls sustain above $4.15, the move could stretch toward $4.58 in the coming sessions. However, a close below $4.01 could trigger a pullback toward $3.77 for reaccumulation.

WTI Oil Price Forecast

WTI crude (USOIL) is consolidating inside a symmetrical triangle, signaling a period of compression before a likely breakout. The 4-hour chart shows resistance at $62.57 and support near $60.05, creating a tight range that reflects uncertainty ahead of the OPEC meeting.

The 20-period EMA, now flattening near $61.25, marks the equilibrium point between buyers and sellers. Recent Doji and spinning top candles show hesitation, while a series of higher lows from the late-October bottom near $55.96 indicates gradual bullish buildup.

The RSI at 50.9 suggests a neutral yet improving sentiment, and Fibonacci retracements confirm price strength above the 38.2% level at $60.05. If WTI breaks above $62.57, traders could see a push toward $63.68 and $65.00, both key resistance zones. Conversely, a drop below $60.00 could trigger a retracement toward $58.50 and $57.40.

Brent Oil Price Forecast

Brent crude (UKOIL) is trading around $65.21, holding gains as buyers maintain control above the $64.10 support zone. The 4-hour chart shows price trading above both the 50 EMA ($64.18) and 200 EMA ($64.80), signaling strengthening momentum.

The ascending trendline from the late-October low near $60.00 continues to guide the uptrend, while the RSI around 51 shows balanced sentiment with slight bullish bias.

A breakout above $66.60 could confirm further upside toward $67.99–$69.60, whereas a drop below $64.00 would weaken momentum, exposing $62.50 as the next support. For now, Brent remains in a tightening range, with traders watching for a clear move beyond $66.00 to define the next short-term trend.

Want a real edge in commodities trading? Explore our educational section to learn about quantitative strategies.