Natural Gas and Oil Forecast: OPEC+ Supply Moves and Fed Cuts Shape Market Path

Market Overview

WTI crude oil futures edged up to $62.90 per barrel on Monday, snapping a three-day slide as energy markets balanced fragile demand with supply adjustments. OPEC+ confirmed plans to lift production by 137,000 bpd from October, a sharp slowdown from earlier increases of over 500,000 bpd.

The decision underscores cautious supply management amid global economic headwinds and geopolitical tensions that continue to unsettle risk sentiment.

With OPEC+ already unwinding cuts totaling more than 2.5 million bpd earlier this year, the upcoming output increase—part of a 1.65 million bpd tranche—highlights the group’s measured response to market uncertainty.

Natural Gas Price Forecast

Natural gas is trading near $3.14, holding within a rising channel that has guided price action since late August. The market continues to post higher highs and higher lows, showing strong bullish structure. Immediate resistance is seen at $3.22, followed by a key barrier at $3.31. A breakout above these levels could open the way to $3.41.

On the downside, support rests at $3.11, with stronger backing at $3.02 and $2.95. The 50-EMA at $3.05 and the 200-EMA at $2.98 are acting as dynamic supports, reinforcing the trend.

The RSI at 63 signals positive momentum but is edging close to overbought territory, hinting at possible short-term consolidation before another push higher.

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WTI Oil Price Forecast

WTI crude is trading near $62.90, stabilizing after a sharp pullback. Price found support close to $62.00, which aligns with the 23.6% Fibonacci retracement. The rebound has carried oil back into the $63 zone, where the 50-EMA at $63.38 and the 200-EMA at $63.90 form a strong resistance cluster.

If bulls clear this area, momentum could target $64.20 and the 0.618 Fib at $64.28. On the downside, immediate support is set at $62.50, followed by $62.00.

The RSI at 49 shows neutral momentum, suggesting price direction will depend on whether crude can break above the EMA barrier or resume its slide toward the $61.40 base.

Brent Oil Price Forecast

Brent crude is trading around $66.58, showing recovery after testing support near $65.00. The rebound has carried price into the $66.30–$66.75 zone, where the 50-EMA at $66.96 and the 200-EMA at $67.70 add strong resistance. Fibonacci retracements mark $67.15 and $67.71 as key barriers; clearing these could open the way to $68.40 and $69.10.

On the downside, immediate support lies at $66.30, with a deeper floor at $65.87 and $65.08. The RSI at 49 signals neutral momentum, suggesting price may consolidate before choosing direction.

A breakout above $67.15 would confirm bullish continuation, while rejection here could bring another retest of the mid-$65 region.