Natural Gas and Oil Forecast: Sanctions, Supply Talks, and Chart Patterns Shape Outlook

Market Overview

WTI crude futures climbed to $67 per barrel on Friday, recovering more than 2% weekly after recent multi-year lows. The uptick came as heightened geopolitical tensions spurred concerns over global supply chains, particularly in the Middle East. U.S. sanctions targeting a covert oil shipment network added to volatility.

However, gains were tempered by expectations that OPEC+ may restore 411,000 barrels per day of supply in August. Meanwhile, uncertainty around global trade agreements continues to weigh on sentiment.

Natural gas also faces pressure, as markets brace for shifts in demand amid rising geopolitical risk and cautious macroeconomic signals.

Natural Gas Price Forecast

Natural gas futures are trading near $3.39, hovering just above key short-term support at $3.30. Price action continues to respect a descending trendline from the June highs, with lower highs and lower lows confirming the ongoing bearish structure. Both the 50 EMA ($3.48) and 200 EMA ($3.67) are above price, reinforcing downside pressure.

A failed attempt to reclaim the $3.57–$3.60 zone earlier this week has resulted in renewed selling. The rejection near the descending trendline and the declining EMAs signal that sellers remain in control. If price breaks below $3.30, the next downside levels sit at $3.18 and $3.06.

For any shift in sentiment, bulls would need to break above $3.57 on strong volume. Until then, the outlook remains tilted to the downside.

WTI Oil Price Forecast

WTI crude oil is consolidating around $66.76 after testing resistance near the $67.10 Fibonacci level. Price remains capped below the 200 EMA, while the 50 EMA at $66.42 acts as short-term support.

The structure shows a mild recovery from the $64.00 base, but upside momentum has slowed as price approaches a descending trendline from the June high. A clean break above $67.10 could expose the $69.00 and $70.56 retracement zones.

On the downside, a sustained drop below $66.00 may bring the $65.33 trendline and $64.00 low back into play.

Brent Oil Price Forecast

Brent crude is trading near $67.91, stuck in a tight range after its sharp drop from the $80.00 region. Price remains below both the 50 EMA ($70.76) and 200 EMA ($70.47), signalling lingering bearish pressure.

The 23.6% Fibonacci retracement at $69.93 is acting as a near-term ceiling, while $66.75 and $66.72 form a rising base of support. Price action is consolidating within this range, forming a potential coil just above the rising trendline.

A breakout above $69.90 could open up a move toward $71.91, while a close below $66.70 would shift momentum back toward $64.87. Until then, Brent is in a wait-and-see zone, defined by compression and lower highs.