Natural Gas and Oil Forecast: Will WTI Hold $63 or Retreat as OPEC+ Output Grows?

Market Overview

Oil and natural gas markets remain highly sensitive to geopolitical tensions, with WTI crude futures climbing to $63.00 per barrel after a sharper-than-expected 6 million-barrel draw in U.S. inventories, well above forecasts of 1.3 million. The decline brings stockpiles down to 420.7 million barrels, tightening supply conditions.

However, energy prices have still fallen over 10% year-to-date, pressured by expectations of oversupply as OPEC+ ramps up output and demand concerns linger.

With global diplomatic negotiations underway, any shift in sanctions or trade policies could reshape supply flows, leaving energy markets vulnerable to sharp swings in sentiment and pricing.

Natural Gas Price Forecast

Natural Gas (NG) futures are struggling below $2.80, caught under a descending trendline and both the 50-EMA ($2.805) and 100-EMA ($2.855), which continue to cap upside attempts. Price is currently consolidating around $2.766, with short-term support at $2.728 and stronger footing near $2.671 and $2.617.

On the topside, bulls need a decisive break above $2.801–$2.820 to challenge resistance at $2.883 and $2.953. Failure to reclaim these levels keeps the broader downtrend intact.

The RSI at 46 remains subdued, leaning bearish but showing slight recovery from oversold territory. Until natural gas clears the descending resistance, momentum favors sellers, though a breakout could spark a relief rally toward $2.95.

WTI Oil Price Forecast

WTI crude oil has reclaimed ground above the $63.00 handle, with price testing resistance at $64.14. A break above this barrier could open room toward $65.12, while rejection risks a pullback to $62.80 or even $61.55. The chart shows buyers gaining momentum as the 50-EMA ($62.68) crossed above the 100-EMA ($63.15), signaling potential trend recovery.

The RSI at 56 reflects strengthening momentum without overbought pressure, while candles show consistent higher lows since mid-August. A decisive close above $64.14 would confirm short-term bullish continuation, though failure could extend consolidation within the $62.80–$64.00 band. Traders may look for confirmation of breakout strength before positioning.

Brent Oil Price Forecast

Brent crude has extended gains above $67.00, testing resistance at $67.44. A sustained close above this zone may drive price toward $68.15, with the next upside target at $69.14. On the downside, support rests at $67.11 and deeper at $66.17, aligned with the 50-EMA ($66.44) and 100-EMA ($66.65), which are flattening out and hinting at stabilizing momentum.

The RSI at 60 points to improving bullish momentum without breaching overbought levels. The ascending trendline from mid-August also underpins the structure, showing steady higher lows.

If buyers defend $67.10, Brent may attempt continuation toward $69.14; otherwise, a dip back toward $66.20 remains possible.