Natural Gas and Oil Forecast: OPEC+ Hike and Trendlines Signal Further Weakness

Market Overview

Crude oil prices edged lower for a fourth consecutive session, with both Brent and WTI settling at their lowest in a week. The decline stems from oversupply concerns after OPEC+ committed to a 547,000 bpd output hike for September, unwinding part of its earlier 2.5 million bpd cut—roughly 2.4% of global demand.

This fresh supply is overshadowing geopolitical tensions that had previously supported prices. Analysts warn that softening global economic growth, including recession risks in the U.S. and a cautious Chinese policy stance, could further dampen fuel demand. Traders remain alert to evolving trade dynamics that may impact energy flows.

Natural Gas Price Forecast

Natural Gas is testing the underside of a descending trendline that’s held since mid-July, with both the 50-EMA and 100-EMA sloping downward and reinforcing resistance around $3.00–$3.11. The latest bounce from $2.90 lacked strength, producing small-bodied candles that failed to reclaim key moving averages.

Price action remains dominated by lower highs and lower lows, typical of a controlled downtrend. Without a decisive break above $3.00, the structure favors further weakness. Traders should monitor for a rejection from the trendline or EMA confluence.

A clean breakdown below $2.90 could open the path toward $2.82 and possibly $2.75. Until then, momentum remains with the bears, and this rally looks more like exhaustion relief than an actual reversal.

WTI Oil Price Forecast

WTI Crude Oil is grinding lower within a well-structured descending channel on the 2-hour chart, with price action capped below $67.03. Both the 50-EMA ($67.46) and 100-EMA ($67.75) now act as overhead resistance, reinforcing the bearish structure.

The recent rejection near the upper channel boundary followed a lower high and was marked by a shift from bullish momentum to hesitation, evident in narrow-bodied candles near $66.40.

Despite a temporary bounce off $65.46, follow-through has been weak. Unless bulls clear $67.03 with conviction, the setup remains skewed toward a continuation lower into $65.46 or $64.71.

Brent Oil Price Forecast

Brent Crude is tracking inside a clean descending channel on the 2-hour chart, held down by resistance at $69.14 and capped by both the 50-EMA and 100-EMA, each flattening near $69.91.

Price recently bounced from the channel’s lower boundary but failed to sustain momentum, forming smaller-bodied candles near resistance, signaling hesitation rather than strength.

If Brent fails to break above $69.14 with conviction, the bias favors a move toward $68.12 or even $67.36. This remains a textbook trend-following environment unless bulls shift the structure with a confirmed breakout.