Natural Gas and Oil Forecast: Supply Uncertainty and OPEC+ Outlook Drive Volatile Tone

Market Overview

Oil prices steadied in early Asian trading, with WTI up 0.6% at $58.99 and Brent holding near $63.36, as energy markets reassessed the impact of ongoing geopolitical tensions on global supply.

Hopes for diplomatic progress have raised the prospect of additional barrels returning to the market, a development that could deepen the current oversupply. Analysts note that trading conditions remain thin ahead of the OPEC+ meeting, leaving crude vulnerable to sharp swings.

With supply risks and uneven demand shaping sentiment, both oil and natural gas markets remain highly sensitive to any shift in geopolitical momentum.

Natural Gas Price Forecast

Natural gas is holding steady near $4.65 as price continues to respect the rising trendline that has guided the broader uptrend since late October. The 50-EMA at $4.58 is acting as short-term support, while the 200-EMA near $4.37 provides deeper structural backing.

Momentum has improved modestly, with the RSI near 56 and turning higher, signaling renewed buying interest after last week’s dip toward $4.55.

A break above $4.70 would put the recent highs near $4.80 back in focus, where sellers repeatedly halted progress earlier this month. If price slips below $4.55, the trendline becomes the first level to watch.

WTI Oil Price Forecast

WTI crude is attempting to stabilize after breaking out of its short-term descending channel on the 4-hour chart. Price has reclaimed the $59.00 area and is now testing the 50-EMA, a level that has repeatedly limited upside attempts through November. The next key test sits near $59.96, where the 200-EMA aligns with prior supply.

Momentum has improved, with RSI climbing toward 58 and maintaining a steady upward slope. If buyers hold above $58.60, WTI may extend toward $60.85, reinforcing a short-term recovery.

Brent Oil Price Forecast

Brent crude is attempting to recover after breaking out of its short-term descending channel on the 4-hour chart. Price has reclaimed the $63.00 area and is now testing the 50-EMA at $62.79, while the 200-EMA near $63.77 remains the key barrier limiting bullish continuation.

Momentum has improved, with the RSI turning higher toward 59 and showing steady demand after last week’s lows near $61.34.

If buyers keep price above $62.68, Brent may push toward $63.83, where repeated rejections have formed a firm ceiling over the past month. Failure to clear this resistance could pull price back toward $61.34