Natural Gas and Oil Forecast: Traders Eye OPEC+ Meeting as Supply Risks Mount

Market Overview

WTI crude futures steadied near $65.36 per barrel, holding gains of over 1% as energy markets reacted to mounting geopolitical tensions and supply disruptions. Attacks on refining infrastructure affecting roughly 17% of Russian capacity and new sanctions on shipping intensified concerns over global supply.

U.S. crude inventories fell by nearly 1 million barrels, though less than forecast, offering limited support. Offsetting factors included weaker U.S. manufacturing data, signaling softer demand.

Traders now turn their focus to the September 7 OPEC+ meeting, where analysts expect no immediate output changes, leaving geopolitical risk as the primary driver of oil and gas forecasts.

Natural Gas Price Forecast

Natural gas futures are trading around $2.99, consolidating after a steady rebound from the late-August low of $2.70. Price action has been supported by an ascending trendline, with higher lows forming a constructive structure. The 50-EMA at $2.95 and 200-EMA at $2.94 are acting as key support, showing that buyers are defending this zone.

Resistance sits near $3.06, with a breakout opening the way toward $3.13–$3.21. On the downside, immediate support lies at $2.92, followed by $2.85. The RSI at 54 signals balanced momentum, neither overbought nor oversold.

As long as natural gas holds above $2.92, the bias stays mildly bullish, with traders eyeing higher levels if volume confirms a push through $3.06.

To build a disciplined approach in oil and natural gas trading, it’s essential to study How To Trade Crude Oil Like a Pro Quant: Strategies For Futures, Options & ETFs

WTI Oil Price Forecast

WTI crude oil is trading around $65.36, holding above both the 50-EMA at $64.34 and the 200-EMA at $64.71, which now act as support. The price structure shows a steady trend of higher lows, with the ascending line from late August still intact.

Resistance sits at $66.03, followed by $66.70 and $67.42. Recent candles show small-bodied formations, suggesting consolidation before the next move. The RSI at 59 signals moderate momentum without being stretched, while the MACD remains positive, hinting at continuation.

If oil holds above $64.90, buyers may target $66.00–$66.70. A break below $64.30, however, could invite selling toward $63.69. The bias stays constructive as long as the trendline support holds.

Brent Oil Price Forecast

Brent crude is trading near $68.84, holding inside an ascending channel that has guided price since mid-August. The 50-EMA at $68.13 and the 200-EMA at $67.59 are providing a supportive base, showing that buyers are still in control.

Resistance stands at $69.27, with a break above opening the path toward $70.09 and possibly $70.97. On the downside, support is seen at $68.38 and deeper at $67.13. The RSI at 57 suggests moderate strength, easing from higher levels without signaling weakness. Recent candles show small bodies with upper wicks, pointing to hesitation near resistance.

As long as prices stay above $68.00, the bias remains constructive, with traders eyeing higher levels if momentum returns.