Natural Gas and Oil Forecast: Prices Climb as OPEC+ Meeting and Supply Risks Loom

Market Overview

WTI crude oil climbed toward $65 per barrel, supported by concerns over potential supply disruptions and strong demand signals from China, where manufacturing growth hit a five-month high in August.

Traders remain cautious as geopolitical tensions threaten energy flows, while expectations of a supply surplus continue to cap gains. Natural gas markets mirrored the volatility, with investors eyeing shifts in production and export patterns.

Attention now turns to this week’s OPEC+ meeting, where decisions on output beyond September could define the near-term trajectory of global energy prices amid heightened uncertainty.

Natural Gas Price Forecast

Natural gas is trading at $2.97, holding above the 50-EMA at $2.94 and supported by an ascending channel that has guided price higher since late August. The recovery followed a breakout from the prior descending channel, signaling a shift in momentum.

Key resistance sits near $3.06, followed by $3.17, while support rests at $2.94 and $2.85. The RSI at 50 shows balanced momentum, suggesting neither buyers nor sellers have firm control, while the MACD is flattening, hinting at slowing strength but no clear reversal yet.

As long as natural gas holds above $2.94, the bias leans toward testing $3.06–$3.17. A drop below $2.94 could open the door to $2.85 and $2.78.

WTI Oil Price Forecast

WTI crude oil is trading near $65.30, breaking above a key descending trendline that had capped prices through August. The move is reinforced by support at $64.55, with the 50-EMA at $64.02 and the 200-EMA at $64.66 now turning into a support cluster.

Momentum is improving: the RSI at 67 approaches overbought but signals strong buying, while the MACD remains positive with widening lines. Price action shows higher lows forming since mid-August, building a constructive base. If crude sustains above $65.44, the next upside targets sit at $66.00 and $66.73.

A failure to hold above $64.55 could invite a pullback toward $63.64, though the broader structure favors continuation higher.

Brent Oil Price Forecast

Brent crude is trading around $68.73, extending gains within an ascending channel that has guided prices since mid-August. The chart shows strong support at $67.11, with the 50-EMA at $67.49 and 200-EMA at $67.73 now acting as a supportive base.

Momentum is firm: the RSI at 68 is approaching overbought levels but signals continued buying strength, while the MACD is positive with widening lines, pointing to improving momentum. If Brent sustains above $68.70, the next upside targets are $69.14 and $70.00, with a potential extension toward $70.97.

On the downside, slipping below $67.11 could trigger a pullback toward $66.40. Overall, the channel pattern favors a bullish continuation while momentum stays intact.