Natural Gas and Oil Forecast: U.S. Inventory Drop and Kurdistan Pipeline Standoff Lift Prices

Market Overview

WTI crude futures advanced toward $63.54 per barrel, extending gains after U.S. crude inventories fell by 3.8 million barrels, the steepest draw in seven weeks. The outlook for supply tightened further as export negotiations in Iraq’s Kurdistan stalled, keeping key pipeline flows to Turkey offline.

Broader geopolitical tensions, including heightened risks to refining and transport infrastructure, added upward pressure.

At the same time, Chevron will ship only half of its 240,000 bpd output from Venezuela, constrained by U.S. restrictions. Together, these factors reinforce concerns that energy markets face a prolonged period of volatility.

Natural Gas Price Forecast

Natural Gas (NG) futures trade at $2.84, struggling below the 50-EMA near $2.93. Price has rejected resistance at $2.87, with sellers defending this level and keeping momentum weak. RSI is near 35, suggesting bearish pressure, but not yet oversold.

A break under $2.79 could expose $2.76 and $2.70, while sustained weakness may extend toward $2.64.

On the upside, recovery above $2.87 is required to challenge $2.94 and the 200-EMA near $3.00. Until then, short-term structure favors sellers.

WTI Oil Price Forecast

WTI crude (USOIL) trades near $63.54, facing heavy resistance at $63.78 where a descending trendline and 200-EMA converge. The RSI at 47 shows momentum improving but not decisive. A push above $63.78 could lift prices toward $64.76 and $65.36, opening space for a short-term bullish reversal.

Failure to clear resistance would likely see renewed pressure toward $62.82 and $61.86. The broader setup remains range-bound, with key support and resistance defining the path.

Watching how price reacts at the $63.78 barrier will determine whether buyers gain control or sellers extend the decline.

Brent Oil Price Forecast

Brent crude (UKOIL) trades at $67.03 inside a symmetrical triangle, showing consolidation between $68.07 and $66.16. The 50-EMA and 200-EMA cluster near $67.20 adds weight to current resistance, while RSI at 46 reflects neutral momentum.

A breakout above $68.07 could spark a retest of $68.68 and $69.54, whereas a downside break under $66.16 would expose $65.07 and $64.35.

The triangle’s narrowing range suggests an imminent move, with the directional break likely guiding the next leg. Traders should monitor volume and RSI shifts for confirmation.