Natural Gas and Oil Forecast: OPEC+ Meeting Could Reshape 2024 Trends

Market Overview

Oil prices remained volatile on Friday as renewed geopolitical tensions raised concerns over potential supply disruptions. Market sentiment was further clouded by OPEC+ delaying its key policy meeting to December 5, leaving investors uncertain about future output strategies.

Thin trading volumes, attributed to the U.S. Thanksgiving holiday, underscored a cautious market tone.

While oil supplies from the Middle East remain largely unaffected, analysts warned of growing risks to Russian output amid escalating regional and global tensions. Additionally, Iran’s plans to expand uranium enrichment and potential sanctions enforcement could further constrain supply, with Goldman Sachs predicting a potential drop of 1 million barrels per day next year.

Natural Gas Price Forecast

Natural Gas (NG) is trading at $3.26, slightly down by 0.12% for the session, holding just below its key pivot level at $3.28. The price action remains supported by an upward trendline, suggesting the potential for a continuation of the recent buying trend. Immediate resistance is marked at $3.40, followed by $3.52 and $3.63, which align with broader market sentiment for bullish targets.

On the downside, key support is observed at $3.18, with further cushions at $3.07 and $2.95, signaling possible areas for correction if selling pressure intensifies.

The 50-day EMA at $3.29 currently acts as a dynamic resistance, while the 200-day EMA at $3.09 offers robust longer-term support. The overall trend appears cautiously optimistic, provided prices sustain above $3.28. A break below this pivot could accelerate selling momentum toward lower support levels.

WTI Oil Price Forecast

USOIL is trading at $69.10, up 0.34%, as it attempts to sustain a breakout from a symmetrical triangle pattern. The immediate pivot point at $68.93 serves as critical support, while resistance at $69.25 is the first hurdle for further bullish momentum.

A decisive move above $69.25 could target higher levels at $69.65 and $70.16, reinforcing a positive trend. On the downside, key support is located at $68.52, with additional buffers at $68.01 and $67.49.

The 50-day EMA at $68.94 aligns with the pivot, acting as dynamic support, while the 200-day EMA at $69.20 signals a key threshold for bullish continuation. Maintaining levels above $68.93 keeps the bias bullish, but failure to hold could invite sellers.

Brent Oil Price Forecast

UKOIL is trading at $72.78, up 0.17%, following a breakout from a symmetrical triangle pattern, signaling potential for an extended uptrend. The pivot point at $72.57 serves as a critical support level, with immediate resistance at $73.20. A sustained move above $73.20 could pave the way for higher targets at $73.66 and $74.16, solidifying bullish momentum.

On the downside, key support is at $72.16, followed by $71.68 and $71.16, acting as safety nets in case of a pullback.

The 50-day EMA at $72.59 aligns closely with the pivot point, reinforcing its significance as a key level. Meanwhile, the 200-day EMA at $72.97 highlights a near-term resistance zone. Traders should watch $72.57 closely to confirm the bullish trajectory.