Natural Gas and Oil Forecast: OPEC+ Output Talks and U.S. Drawdown Drive Market Swings

Market Overview

WTI crude steadied near $62 per barrel after a sharp two-day slide, as traders balanced OPEC+ supply signals against tightening U.S. inventories. API data revealed a 3.7 million-barrel draw, easing some pressure on prices.

Reports of a potential OPEC+ production hike of 274,000–411,000 bpd added uncertainty, though larger increases were downplayed. Natural gas and oil markets remain highly sensitive to geopolitical tensions and domestic economic risks, which continue to cloud demand outlooks.

With supply adjustments pending and volatility rising, energy markets are positioned for sharp swings as traders weigh shifting fundamentals against broader global uncertainty.

Natural Gas Price Forecast

Natural gas is trading around $3.35, breaking out of a descending trendline that capped rallies through September. Price has climbed above both the 50-EMA ($3.23) and 200-EMA ($3.29), turning them into short-term support—a constructive sign for buyers.

The RSI at 68 shows momentum is strong but nearing overbought levels, suggesting upside may slow before the next push. Immediate resistance is seen at $3.39, followed by $3.45 and $3.52, where sellers previously stepped in. On the downside, a pullback toward $3.29–$3.22 would likely serve as a retest of broken resistance, keeping the bullish bias intact as long as higher lows hold.

For now, natural gas looks poised to challenge higher levels, provided $3.29 support holds.

WTI Oil Price Forecast

WTI crude oil is trading near $62.50, holding just above support at $62.20–$62.00 after a sharp pullback from last week’s highs. Price action shows consolidation with small-bodied candles near this zone, suggesting hesitation after recent declines.

The 50-EMA ($63.58) and 200-EMA ($63.83) remain above price, acting as immediate resistance barriers. A close above $63.50 would be needed to shift momentum back toward $64.18–$65.00.

The RSI at 34 signals that crude is approaching oversold conditions, hinting at potential short-term stabilization. However, if sellers break below $61.62, the next target could be $61.07.

Brent Oil Price Forecast

Brent crude is trading near $66.10, holding just above key support at $65.70–$65.40 after breaking below its rising trendline. The recent series of bearish candles shows sellers remain in control, though momentum is slowing as price consolidates near support.

The 50-EMA ($67.39) and 200-EMA ($67.48) are both overhead, acting as firm resistance, suggesting Brent would need a strong rebound above $67.00–$67.65 to shift momentum back to the upside. On the downside, a clean break below $65.70 could expose deeper support at $65.08 and $64.56.

The RSI at 35 signals near-oversold conditions, hinting at limited downside room unless sellers press harder.