Natural Gas and Oil Forecast: Markets Eye $64 Resistance Amid Geopolitical Tensions

Market Overview

WTI crude oil climbed above $61 per barrel, marking its strongest weekly gain since June as renewed geopolitical tensions reignited supply concerns. Fresh trade restrictions and infrastructure disruptions have tightened global energy flows, prompting refiners in major import markets to scale back purchases.

Analysts note that supply risks across multiple regions, coupled with precautionary stockpiling ahead of winter, are reinforcing bullish sentiment in both oil and natural gas markets.

However, with demand growth moderating and inventories rising in the U.S. and Europe, traders expect heightened volatility to persist as markets balance risk premiums against fundamentals.

Natural Gas Price Forecast

Natural gas is trading around $3.33, stabilizing after pulling back from resistance near $3.57. The price recently bounced from the 38.2% Fibonacci retracement at $3.31, supported by both the 50-EMA ($3.29) and 200-EMA ($3.27).

This confluence suggests buyers are defending the mid-range zone. The RSI near 58 indicates neutral momentum, implying the market may consolidate before its next move.

A sustained push above $3.40 could lead to a retest of $3.57, while a drop below $3.20 might expose $3.15. Overall, natural gas remains in a short-term uptrend, but momentum is slowing as traders await a clear breakout signal.

WTI Oil Price Forecast

WTI crude oil is trading around $61.48, stabilizing after a strong rebound from the $56.30 level. The price has moved above the descending channel and is now testing resistance at the 200-day EMA ($61.09). The 50-EMA ($59.27) is trending upward, showing improving short-term momentum.

However, the RSI near 70 suggests buying pressure may be cooling, hinting at possible consolidation. A sustained move above $61.60 could open the path toward $64.00, while failure to hold above $60.30 might lead to a pullback toward $58.30.

Overall, WTI remains in recovery mode but traders are watching for confirmation above key resistance before expecting further upside.

Brent Oil Price Forecast

Brent crude oil is trading near $65.59 after easing slightly from its recent peak at $66.42. The price remains above both the 50-EMA ($63.27) and 200-EMA ($64.90), suggesting buyers still have control.

The RSI around 74 indicates overbought conditions, hinting at a short-term pause or correction. If prices retrace, support levels are seen near $63.99 and $62.50, aligned with key Fibonacci zones.

A decisive move above $66.50 could open the way toward $67.70, while a drop below $64.00 might trigger deeper consolidation. Overall, Brent’s uptrend remains intact, but traders may look for a mild pullback before fresh bullish momentum builds.