Natural Gas and Oil Forecast: OPEC+ Output Risks and Bullish Gas Channel Tested

Market Overview

Oil prices rebounded on Friday after four sessions of losses but still faced their steepest weekly drop since June. Market focus remains on OPEC+, which may raise output by as much as 500,000 barrels per day in November, stoking fears of oversupply.

Analysts warn such an increase could push crude toward $58.00, with risk of testing $55.00. Seasonal demand slowdowns, refinery maintenance, and rising U.S. inventories further weigh on sentiment.

Meanwhile, natural gas markets remain sensitive to geopolitical tensions, as supply disruptions and shifting trade flows continue to inject volatility into global energy pricing forecasts.

Natural Gas Price Forecast

Natural gas is consolidating around $3.43 after testing resistance near $3.49. The broader structure shows an ascending channel with buyers defending higher lows. The 50-EMA ($3.36) and 200-EMA ($3.28) remain supportive, highlighting bullish undertones. Candlesticks show hesitation with long wicks near resistance, reflecting profit-taking. RSI sits at 55, neutral but slightly favoring buyers, leaving room for another push higher.

Immediate resistance is at $3.49, followed by $3.58 and $3.68. A breakout above this zone could extend the rally toward the upper channel boundary. On the downside, support rests at $3.40, with stronger floors at $3.31 and $3.24.

For now, natural gas holds a constructive bias, but traders should watch $3.49 as the decisive level for the next leg. (edited)

WTI Oil Price Forecast

WTI crude oil is attempting a modest rebound after finding support at $60.41. The price remains under pressure within a descending channel, though buyers are testing short-term momentum. Resistance is seen at $61.55, where the upper boundary of the channel aligns with recent price rejection.

A sustained break above this zone could open the path to the 50-period EMA at $62.19 and further toward $62.57. On the downside, failure to hold above $60.41 risks renewed declines toward $59.75 and $58.94.

The RSI, currently at 38, is recovering from oversold territory, suggesting short-term relief buying but not yet a confirmed trend reversal. Traders should watch $61.55 closely for direction.

Brent Oil Price Forecast

Brent crude is consolidating after rebounding from the $64.02 support zone. The price remains confined within a descending channel, suggesting sellers still hold control. Immediate resistance is seen at $65.05, aligned with the channel’s upper boundary, while stronger barriers sit at $65.84 and the 50-period EMA near $65.88.

A break above this cluster would indicate momentum shifting in favor of buyers, potentially targeting $66.56. On the downside, a move below $64.02 risks further losses toward $63.38 and $62.74.

The RSI at 37 signals bearish momentum but is climbing from oversold conditions, hinting at short-term relief. For now, traders should monitor $65.05 as a key pivot for direction.