Natural Gas and Oil Forecast: Trendlines Hold as Traders Eye $3.76 and $63.86

Market Overview

WTI crude futures slipped below $63 per barrel Thursday, pressured by rising fears of oversupply and fragile global demand.

Saudi Arabia signaled plans to boost OPEC+ output by at least 411,000 barrels per day in August, with potential for further increases in September, while also slashing July crude prices for Asia to near four-year lows.

Despite a U.S. crude inventory draw, higher-than-expected gasoline and distillate stock builds added bearish momentum.

Geopolitical tensions and uncertainty surrounding global trade negotiations have heightened market caution, casting a shadow over short-term demand recovery in both oil and natural gas sectors.

Natural Gas Price Forecast

Natural gas futures are holding at $3.697 after bouncing off a rising trendline that’s been in play since the start of June. Price continues to flirt with the 50-period EMA at $3.669 and is attempting to hold above it, while the 200-period EMA at $3.690 acts as near-term resistance.

This squeeze between the two EMAs suggests a breakout could be brewing. Recent candles show hesitation, but buyers have consistently defended dips near $3.669, forming a steady pattern of higher lows.

A close above the 200 EMA would open the door for a retest of $3.763, followed by a retest of $3.836. If support fails and we see a drop below $3.669, the next key level to watch is $3.609.

WTI Oil Price Forecast

WTI crude oil is trading around $62.98 on the 2-hour chart, bouncing off an ascending trendline and regaining ground above the key pivot at $62.89. After a brief consolidation phase, buyers stepped in with a bullish engulfing candle just above the 50-period EMA at $62.62, signaling renewed strength.

The 200-period EMA, currently at $61.88, remains rising and supports the broader uptrend.

While price remains below immediate resistance at $63.86, the structure of higher lows and sustained support at $62.30 suggests the bulls remain in control. If WTI can break above $63.86, the next upside target lies near $64.44. On the flip side, a close below $62.30 could put the $61.82 support zone back in play.

Brent Oil Price Forecast

Brent crude oil is holding steady at $65.11, bouncing off a rising trendline that’s been intact since late May. Price reclaimed the $64.63 support level with a strong green candle, forming right above the 200-period EMA at $64.51 and the 50 EMA at $64.78—both now acting as dynamic support.

This area has been tested multiple times, and bulls have stepped in again. The structure remains bullish as long as the trendline holds, supported by a series of higher lows.

If momentum continues, Brent could make another attempt at the $65.85 resistance, followed by $66.52. On the downside, a break below $64.63 would put $64.04 back on the radar.