Natural Gas and Oil Forecast: OPEC+ Meeting Looms as WTI Holds $57 Support

Market Overview

WTI crude oil futures are hovering pretty close to $57.4 on the first trading day of 2026. This comes after their steepest annual drop in five years and its one of the things traders are keeping a close eye on – fresh geopolitical tensions and supply risks. All eyes are on the January 4 OPEC+ meeting, expecting producers to hold off on increasing output.

The situation on the global stage has really heated up again as sanctions are causing a ripple effect on energy supplies and renewed conflict is putting our export infrastructure at risk.

Despite all these risks, though, the global energy supply is pretty strong, with high storage levels and softer post-holiday demand also putting the brakes on any big upside price swings. So, oil and natural gas forecasts are looking pretty balanced – for now at least.

Natural Gas Price Forecast

Natural gas futures are trading around $3.61, after failing to hold on to a gain and break above the middle of its rising channel. Looking at the 2 hour chart, you can see the last few candles are looking a bit bearish, but not necessarily a panic situation.

Price has dropped below its 50 day EMA of $3.70, while the longer term 200 EMA sitting at $3.92 is still giving you some resistance to think about. There’s a clear ascending channel from the $3.30 low, but right now it looks like price is starting to get squeezed.

The next key level of support is at $3.50, then $3.30 if that fails. RSI has been trending towards 40, which is saying that momentum is easing off a bit, but were not in extreme territory yet. The trade idea is to sell rallies near $3.70, aiming for $3.50 and look to stop out if price hits $3.90.

WTI Oil Price Forecast

WTI crude oil is trading just shy of $57.80, stuck inside a bit of a rising wedge after bouncing back from that $55.20 low. On the 2 hour chart, the last few candles are showing a bit of hesitation, with price running into that descending trendline resistance near $58.20. The support level of $57.40 is still strong, though, it aligns with some prior demand levels and the 38.2% Fibonacci retracement of the latest move up.

The 50 day EMA is just about flat around $57.90 and the longer term 200 EMA is still sitting overhead, limiting upside. RSI is hovering around 50, which is more neutral than it is telling us things are about to pick up steam.

A clear break above or below that trendline will likely be the deciding factor on direction. The trade idea is to buy on a break above $58.20, looking to target $59.50, but be ready to stop out if price drops below $57.20.

Brent Oil Price Forecast

Brent crude is trading around $61.30, stuck inside a pretty tight triangle with a descending upper line and a rising support line from the $58.70 low. On the 2 hour chart, the recent candles look like a coin toss, with price unable to make up its mind.

Price is looking good above the $60.85 level, while the $62.20 resistance is getting a bit closer, just above the falling trendline and the 200 EMA. The 50 day EMA is pretty flat around $61.20, keeping things pretty balanced. RSI is also around 50, which is saying momentum is pretty neutral.

Expect things to get a bit more action once there is a break from this squeeze. The trade idea to buy on a break above $62.20, looking to target $63.20, with stop loss orders set below $60.80.