Natural Gas and Oil Forecast: OPEC+ Pause Offers Relief but Global Demand Slows

Market Overview

Oil and natural gas markets steadied on Thursday as geopolitical tensions offset concerns over oversupply. Global crude prices, down for a third consecutive month in October, have struggled amid rising OPEC+ and non-OPEC output.

However, the alliance’s decision to pause further production hikes in early 2026 has eased some pressure. U.S. inventories climbed 5.2 million barrels last week, while demand growth of 850,000 bpd this year remains below forecasts, signaling a slower recovery.

Analysts expect continued price softness, with projections of $60 per barrel by end-2025 and $50 by 2026, as weak consumption and ample supply cap upside momentum.

Natural Gas Price Forecast

Natural gas holds near $4.30 after finding support at $4.18, maintaining its short-term uptrend above the rising trendline. The 50-EMA at $4.10 and 200-EMA at $3.91 act as firm dynamic supports, while resistance is seen at $4.38 and $4.57.

A breakout above $4.38 could push prices toward $4.70, whereas a close below $4.18 may expose $4.03 and $3.92. RSI at 59 shows moderate bullish momentum without signs of exhaustion.

Overall, the bias stays mildly positive as long as prices hold above $4.10, though sideways action could persist before the next directional move.

WTI Oil Price Forecast

WTI crude oil trades near $59.80, holding just above the key Fibonacci 0.5 level at $59.25. The price faces resistance around $60.00 and $61.50, where both the 50- and 200-EMA converge, forming a short-term ceiling.

A clear break above $60.90 could open a path toward $62.50, while failure to hold $59.20 may trigger a slide toward $58.40 or $57.20. The RSI at 42 shows weak momentum, keeping sellers in slight control, though not yet in oversold territory.

Overall, oil remains in a consolidation range within a descending triangle, awaiting a decisive breakout to determine the next directional move.

Brent Oil Price Forecast

Brent crude is trading around $63.70, slightly above the 0.618 Fibonacci retracement at $62.57. The 50- and 200-EMA near $64.20 and $64.70 continue to cap upside momentum, keeping prices in a tight consolidation phase.

A clear break above $64.10 could signal renewed strength toward $65.30 or $66.60, while support rests at $62.50 and $61.40. The RSI near 42 indicates weak buying pressure, suggesting bulls are losing traction after recent rejections near $65.

Overall, Brent remains range-bound, with traders watching the $62.50–$64.50 zone for the next breakout cue.