Natural Gas and Oil Forecast: Profit-Taking Caps Gains as OPEC+ Supply Clouds Outlook

Market Overview

Oil prices retreated Thursday after hitting seven-week highs, with Brent at $69.05 and WTI at $64.72, as profit-taking followed a 2.5% surge on falling U.S. inventories.

Supply concerns driven by geopolitical tensions continue to support prices, though analysts caution that softer seasonal demand and rising OPEC+ output could cap further gains. The expected resumption of Kurdish exports adds to oversupply fears, while muted air travel growth highlights fragile demand recovery.

Despite short-term resilience, market sentiment suggests consolidation ahead, leaving natural gas and oil forecasts vulnerable to both supply shocks and demand-side weakness.

Natural Gas Price Forecast

Natural gas futures trade at $2.87, hovering just below the $2.94 resistance that has capped several recovery attempts. Price action remains heavy as candles show repeated upper-wick rejections, signaling supply pressure near this zone. The 50-EMA ($2.88) sits beneath the 200-EMA ($2.95), reinforcing a bearish crossover and suggesting rallies could stall.

Momentum indicators reflect the same story. The RSI at 52 is neutral, leaving room for movement but lacking firm conviction. If gas fails to reclaim $2.94, downside targets emerge at $2.78 and then $2.70, where buyers previously stepped in to support the price. A deeper break would expose the $2.64 support level.

For bulls, only a decisive close above $2.94 would invalidate this bearish setup, potentially driving a retest of $3.01 and $3.10.

WTI Oil Price Forecast

WTI crude oil is trading at $64.71, consolidating just below the $65.05–$65.36 resistance zone after a sharp breakout above the descending trendline. The price is holding above both the 50-EMA ($63.61) and 200-EMA ($63.44), signaling short-term bullish strength. However, the RSI at 71 shows overbought conditions, suggesting buyers may need a pause before pushing higher.

If the market rejects the resistance, a pullback toward $64.00 is possible, as broken trendline support aligns with the moving averages. A clean move above $65.36 could extend the rally toward $66.04–$66.71, while failure to hold $64 risks a slide back to $62.99. Traders should watch for candle confirmation near resistance before positioning.

Brent Oil Price Forecast

Brent crude oil is trading at $68.20, consolidating just under the $68.68 resistance after breaking above a symmetrical triangle. The price is holding above the 50-EMA ($67.44) and 200-EMA ($67.30), signaling renewed bullish strength. However, the RSI at 63 suggests momentum is strong but not yet stretched, leaving room for continuation.

If Brent sustains above $68.68, the next upside targets sit at $69.45 and $70.08, where sellers may re-emerge. On the downside, failure to hold above $67.97–$67.60 could trigger a pullback toward $67.31 and $66.75 support.

The triangle breakout hints at a directional shift, but confirmation above $68.68 is needed before a clear push higher. Candlestick patterns in this zone will decide the next leg.