Natural Gas and Oil Forecast: Will OPEC+ Cuts Push Prices Higher?

Market Overview

Natural gas and crude oil prices remain volatile amid ongoing geopolitical tensions and shifting trade dynamics. OPEC+ output cuts, including declines from Libya, Venezuela, and Iraq, have tightened global supply, supporting prices despite pressure from rising U.S. production.

Meanwhile, tighter sanctions on Iranian crude are further constraining supply, potentially lifting prices.

Analysts at Rystad Energy expect regional conflicts to increase diesel demand for military logistics, while commercial aviation faces disruptions due to airspace restrictions. India, a key oil consumer at 5.4 million barrels per day, could see heightened energy demand amid these uncertainties.

Natural Gas Price Forecast

Natural gas futures are trading around $3.634, holding above a key trendline that has supported the recent recovery from late April lows. The 50 EMA at $3.585 is providing immediate support, aligning closely with the rising trendline, reinforcing the short-term bullish structure.

If prices can sustain this momentum, the next target is the $3.750 resistance, followed by a more substantial barrier at $3.850. However, a break below the $3.527 support could shift the focus back to $3.500, potentially testing the broader uptrend.

Overall, the current structure suggests a steady uptrend, but a clear break above $3.750 is needed to confirm a more robust recovery.

WTI Oil Price Forecast

WTI crude oil is trading near $60.24, hovering just above a key pivot point at $59.86. This level has been a critical zone in recent sessions, with prices attempting to break free from the broader downtrend that has defined the market since late April. The 50-period EMA, currently at $59.11, is providing immediate support, reinforcing the recent upside, while the 200-period EMA overhead signals that the longer-term trend still leans bearish.

If WTI can maintain its footing above the $59.86 pivot, it could challenge the next resistance at $61.51. This level is a significant threshold, potentially opening the way to $63.20 if buyers remain in control. However, if prices slip below the 50 EMA at $59.11, the focus could shift back to the $57.82 support zone, which has acted as a critical floor in recent weeks.

Overall, the current setup suggests a possible breakout if near-term support holds, but the overhead resistance at $61.51 remains a key test for sustained upward momentum.

Brent Oil Price Forecast

Brent crude oil is trading around $63.16, pushing above the 50 EMA at $62.07 after breaking through a key downtrend line. This move suggests a potential shift in momentum, with the next resistance at $63.81, followed by the more significant hurdle at $64.86.

If buyers maintain pressure, a move toward $66.38 becomes possible. On the downside, the immediate support sits at $62.79, aligning with the recent breakout zone, while a deeper pullback could test the $61.83 level.

Overall, the recent breakout above both the trendline and 50 EMA indicates building bullish sentiment, but the upcoming resistance levels will be critical for confirming a sustained reversal.