Natural Gas and Oil Forecast: OPEC+ Output Gains Pressure Energy Prices Lower

Market Overview

WTI crude fell more than 2% to $62.4 per barrel on Thursday, breaking a three-day rally as supply pressures outweighed geopolitical concerns. The International Energy Agency highlighted stronger-than-expected output growth, with OPEC+ confirming production increases from October.

U.S. inventories added to the bearish tone, climbing by 3.9 million barrels against expectations. At the same time, Saudi exports to China are projected to reach 1.65 million barrels per day, though sustainability of that pace remains in question.

With demand worries rising and supply growth accelerating, energy markets remain vulnerable despite the underlying support from global geopolitical tensions.

Natural Gas Price Forecast

Natural Gas (NG) is trading near $2.92, slipping after breaking below its rising channel and losing support at $3.04 and $3.01 (50- and 200-EMA). Sellers are firmly in control, with price momentum pointing lower.

The RSI at 24 signals oversold conditions, meaning downside momentum may slow, but no clear reversal is in sight yet. Immediate support lies at $2.87, and if this level gives way, the next targets sit at $2.79 and $2.73.

On the upside, recovery attempts face resistance at $2.96 and $3.01, with a move above $3.05 needed to ease bearish pressure.

WTI Oil Price Forecast

WTI crude oil (USOIL) is trading near $62.23, under pressure after breaking below the rising channel seen earlier this week. The 50-EMA at $63.09 and 200-EMA at $63.58 are now acting as overhead resistance, confirming bearish momentum.

Price has also slipped beneath the key horizontal support at $62.63, opening the way toward the next support levels at $61.94 and $61.43.

The RSI at 31 signals crude is approaching oversold territory, suggesting downside could slow, but there’s no clear reversal yet. If buyers can reclaim $62.63, a corrective bounce toward $63.26 is possible. However, failure to hold above $62 risks further weakness into the $61.40–$60.80 zone.

Brent Oil Price Forecast

Brent crude oil (UKOIL) is trading near $66.26, slipping after breaking below its ascending channel support. The 50-EMA at $66.86 and 200-EMA at $67.16 now act as resistance, limiting recovery attempts. Price action shows repeated rejection near $67.18, confirming sellers’ control in the short term.

The RSI at 36 signals bearish momentum, but it’s approaching oversold territory, which could slow further declines. If Brent holds above $66.00, a bounce toward $66.59–$67.18 is possible. However, continued weakness below $66.00 risks deeper losses toward $65.73 and $65.08, with the next major support at $64.59.

Momentum is fragile, and buyers will need a decisive push above $67.18 to regain control and open the way toward higher levels.