Natural Gas and Oil Forecast: Prices Struggle as OPEC Output and Trade Tensions Weigh

Market Overview

Oil and natural gas markets ended the week under pressure as easing supply disruption fears outweighed earlier geopolitical risk premiums. WTI crude traded below $64 per barrel, on track for a 5% weekly loss, its sharpest drop since late June, while natural gas prices held steady after recent volatility.

Market sentiment shifted as expectations of increased OPEC output, combined with persistent global trade frictions, raised concerns over slowing economic growth and weaker demand.

While geopolitical tensions remain a key driver of energy market volatility, the focus has turned toward supply dynamics and their potential to cap price recovery in the near term.

Natural Gas Price Forecast

Natural gas is trading at $3.08, consolidating near short-term resistance at $3.113 after a rebound from $2.909. Price action remains capped below the 50-EMA at $3.085 and the 100-EMA at $3.184, keeping the broader bias cautious.

A breakout above $3.113 could open the path toward $3.178 and $3.241, but failure to clear this zone may trigger a pullback toward $3.034 and $2.990.

Momentum shows early recovery signs, though sustained gains will require buyers to defend $3.03 and push above the converging trendline resistance.

WTI Oil Price Forecast

WTI crude oil remains under pressure, trading near $63.60 within a defined downward channel. The recent failure to sustain gains above $64.87 highlights persistent selling interest, with both the 50-EMA ($66.08) and 100-EMA ($66.54) reinforcing overhead resistance.

Momentum favors sellers as price action trends along the channel’s lower boundary. A break below $63.14 could open the way toward $62.13 and $61.29, while a short-term rebound may encounter resistance near $64.87 before further downside.

Brent Oil Price Forecast

Brent crude oil is trading at $66.16, maintaining a steady decline within a well-defined descending channel. Price action remains below the 50-EMA ($68.50) and 100-EMA ($68.93), signaling persistent downside momentum.

Sellers have kept control after rejecting $66.60, with the next notable support levels seen at $65.61 and $64.95.

A break below these areas could expose $64.30 and potentially $63.76. Any short-term rebound is likely to face resistance at $66.60, with a stronger ceiling near $67.57.