Natural Gas and Oil Forecast: OPEC+ Output Hike and Sanctions Spark Volatility

Market Overview

WTI crude futures slipped toward $62.88  per barrel on Tuesday, extending recent losses as markets assessed both supply dynamics and heightened geopolitical tensions. Reports suggest OPEC+ may approve an additional 137,000 bpd output increase in November, raising concerns of oversupply.

At the same time, oil exports from Iraq’s Kurdistan region resumed via the Iraq–Turkey pipeline, adding further barrels to global flows. Broader geopolitical frictions, coupled with renewed sanctions on Iran, are amplifying uncertainty and volatility across energy markets.

These developments underscore the fragile balance between supply growth and geopolitical risks, keeping both oil and natural gas traders on high alert.

Natural Gas Price Forecast

Natural gas is trading near $3.25 after breaking above a descending trendline, signaling early signs of bullish momentum. Price is holding above the 200-EMA ($3.21) and the 50-EMA ($3.22), showing improving structure, though it still faces resistance at $3.29 and $3.35.

The RSI at 54 suggests balanced conditions, leaving room for either continuation or pullback. Support sits at $3.24 and deeper at $3.18. A clear break above $3.29 could open the way toward $3.35 and $3.39, while failure to hold $3.24 risks a drop back toward $3.18–$3.12.

For now, natural gas looks cautiously bullish, but traders may want to see confirmation above resistance before expecting a stronger advance.

WTI Oil Price Forecast

WTI crude is trading near $62.88 after breaking down from its rising channel. The sharp drop from $66.38 created lower highs and lower lows, confirming bearish pressure. Price is now holding below both the 50-EMA ($64.03) and 200-EMA ($63.94), keeping the short-term trend negative. Support rests at $62.30 and $61.61, while resistance sits around $63.34 and $64.06.

The RSI is at 26, signaling oversold conditions, which may trigger a short-term bounce. However, momentum remains weak unless bulls reclaim levels above $64.

A sustained move under $62.30 could expose $61.07. For now, the path of least resistance is downward, with rallies likely capped at key resistance zones.

Brent Oil Price Forecast

Brent crude slipped to $66.32 after breaking sharply below its rising channel. The reversal began near $69.28, where a rejection candle and cross under the 50-EMA ($67.65) signaled weakening momentum. Price has also fallen through the 200-EMA at $67.70, flipping it into resistance.

The RSI sits at 22, showing deeply oversold conditions, which may slow further downside in the short term. Support is seen at $65.90 and $65.08, while resistance lies at $67.10–$67.75.

For the trend to recover, bulls need to reclaim $68.00; otherwise, the bias stays bearish. Until then, rallies are likely capped near moving averages, with the next leg lower possible if support levels give way.