Natural Gas and Oil Forecast: Will Fed Pause and GDP Boost Keep WTI Above $70?

Market Overview

Crude oil futures extended their rally for a third session, supported by concerns over potential supply disruptions tied to geopolitical tensions and tighter U.S. sanctions. Energy markets also reacted to stronger-than-expected U.S. GDP growth for Q2 and optimism surrounding global trade agreements.

While the Fed held rates steady, attention now turns to the August 1 tariff deadline and OPEC+’s upcoming decision on September output. Despite recent volatility, analysts say markets remain resilient, with pricing reflecting a delicate balance between supply risks and demand signals.

Natural Gas Price Forecast

Natural Gas is trading at $3.025, struggling below the descending trendline and the 50-EMA ($3.221) on the 4-hour chart. The 100-EMA at $3.340 reinforces bearish pressure as both averages slope downward.

Price attempted to break above $3.115 but failed, signaling weak bullish momentum. A sustained move below $3.025 risks a drop toward $2.962 or even $2.878.

To regain control, bulls need a decisive break above $3.115 and the falling trendline. Until that happens, the market remains tilted toward the downside with trend resistance intact.

WTI Oil Price Forecast

WTI Crude Oil is consolidating below the $70.49 resistance after an impulsive rally. Price remains supported by the lower boundary of the rising channel and is well above both the 50-period EMA ($68.75) and 100-period EMA ($67.81), indicating sustained bullish momentum.

The moving averages are sloping upwards with a wide spread, showing trend strength. Key intraday support lies at $69.78, just above the channel midline.

A break above $70.49 could expose the next resistance at $71.30, while a close below $69.08 may trigger a deeper pullback toward the 50 EMA. As long as the price holds above the EMAs and the channel remains intact, bulls retain technical control.

Brent Oil Price Forecast

Brent Crude Oil is trading at $72.59, holding above key moving averages with bullish momentum. The price recently broke above the 50-day EMA ($69.03) and 100-day EMA ($69.21), reclaiming the 23.6% Fibonacci retracement at $69.20 and pushing through the 38.2% level at $71.33.

This move signals strong demand. A close above $73.53 (50% Fib) could open the path toward $74.77 and $77.23. The ascending trendline from the May lows reinforces underlying support.

If bulls lose grip, downside pressure may revisit $69.31 or $67.47. As long as the price stays above EMAs and holds the Fib support, the short-term bias favors further upside.